What is a BID?

A BID is a business-led and business-funded body formed to improve a defined commercial area. Most are governed by a board made up of BID levy payers who represent the various trading components within the BID area. This means that all businesses have a genuine voice in deciding and directing how they want the trading environment around them to be improved.

In the UK, the majority of BIDs exist in town and city centres, however they are also in industrial, commercial and mixed-use locations.

Annual income is typically £200,000-£600,000 but can be as little as £50,000 per annum and as much as £2 million+.

Legislation enabling the formation of BIDs was passed in 2003 in England and Wales (with subsequent regulations published in 2004 and 2005 respectively) and in 2006 in Scotland.

How are BIDs Funded?

BIDs are funded through a nominal levy calculated as a percentage of the rateable value of all businesses within a defined area and sometimes exempt very small ratepayers.

While the majority of income will come from the private sector, non-domestic ratepayers from the public and voluntary sectors will also contribute to the BID.

What Benefits do BIDs Bring?

There are more than 330 BIDs already operating across the UK and businesses report that the benefits BIDs have brought about include:

• Businesses leading on major projects that they want for their area
• Improved promotion & marketing of the core area
• Increased footfall and dwell time, leading to increased business turnover
• Added vibrancy & vitality
• Many more networking opportunities within the local business community
• Improved relations with Councils, Police, and other public agencies