Businesses vote in favour of BID status renewal

Businesses across the Cathedral Quarter have voted in favour of renewing their status as a Business Improvement District (BID).

The positive result secures £1.4 million, which will be spent on continuing to improve the trading environment and represent business interests over the next five years.

It follows a month-long ballot in which hundreds of businesses in the area were asked to vote on the proposals.

85% of votes cast voted in favour of the BID Renewal Ballot by total number of businesses, and 89% of votes cast voted in favour of the BID by Rateable Value.

The result is the best ever ballot result for the Cathedral Quarter in its four ballots since the first one in 2007.

The result comes after a strong year for the BID, with many new initiatives and footfall boosting events, such as Celebrate Sadler Gate, a Jurassic Day Out in Cathedral Quarter and Friar Gate Friday, as well as providing on-going business support.

As a result of the ‘yes’ vote, the renewal of Cathedral Quarter BID will commence on 1 March.

Businesses with a rateable value of £2,000 or above will pay a levy based upon their rateable value, creating a collective fund of more than £1.4 million.

The plans were spearheaded and driven by a board of business representatives from across the city, supported by pfbb UK (BH), which develops and delivers BIDs across the country.

Martin Langsdale, chair of the Cathedral Quarter BID, said: “This is fantastic news for Cathedral Quarter and a huge congratulations must go to all the businesses which rallied and joined forces to ensure we secured a ‘yes’ vote in our renewal ballot.

“Thanks must go to all those businesses that engaged in the process by sharing their ideas and opinions on how we can work together to improve the area and who, ultimately, voted in favour of the plans to support each other in these challenging and uncertain times.”