Raising the bar

Bondholders the Cathedral Quarter and St Peters Quarter Business Improvement Districts have joined the national #RaiseTheBar campaign aiming to help the retail, hospitality and leisure sectors.

Backed by industry representation bodies and BIDs across the UK, the #RaiseTheBar campaign is asking the Government to raise the rateable value threshold for grant assistance from £51,000 to £150,000 for all retail, hospitality and leisure businesses to survive the lockdown and secure local jobs.

The current two grants established specifically for small businesses and those operating in the retail, leisure and hospitality sectors are worth £10,000 to companies operating from premises with a rateable value of up to £15,000, or £25,000 for those based in premises with a rateable value of up to £51,000.

Both the Cathedral Quarter and St Peters Quarter boards have written to local MPs asking for their support in the #RaiseThe Bar campaign.

Martin Langsdale, chair of the Cathedral Quarter BID said: “We cannot underestimate the importance of our Retail, Hospitality and Leisure sectors and not just what they bring to our economy and the long term survival of the Cathedral Quarter but the people that are employed within them.

“Feedback from them suggests that they are carrying significant stock losses and are still facing immediate cash flow challenges that wage subsidies will not address. Many are not in a position to take on further debt or have serious misgivings about being able to survive the recovery and service loans.”

Helen Wathall, chair of St Peters Quarter BID continued: “We acknowledge that by increasing the rateable value threshold up to and including £150,000 will increase the burden on central and local government.

“However, this is a price we believe is worth paying to ensure businesses are given the opportunity to become part of the greater push to mobilise our economy, rather than leaving premises empty, growing unemployment with or without the job retention scheme and sectors contracting across the board.”

For more information and to support the campaign, please visit raisethebarcampaign.co.uk.