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What is a BID?
A BID is a company established and run by the business community to address issues and priorities identified by that community. The overall aim of a BID is to enhance the business environment and deliver real results. Over 300 BIDs operate in the UK, with Worcester BID the only one in Worcestershire.
The BID Company itself is run by a Board of Directors appointed in accordance with the Articles of Association by the Company’s members; the business rate payers who pay the Levy.
In Worcester, businesses came together through the Worcester Business Improvement District (BID) to take the lead in tackling issues facing the city. The business community are passionate about their city, recognising that Worcester is a fantastic place but that more help and support to boost trade and encourage visitors is required, as well as direct support on day to day running of the business and this is where the BID comes in. The links below provide more information on Worcester BID’s area and the business plan.
In November 2014 businesses were invited to vote to maintain a BID for another 5 year period from April 2015 until March 2020. The results of a 28 day postal ballot for which 643 businesses were asked to vote were announced on 28th November 2014 with 65% by number and 71% by aggregate rateable value supporting a second BID term. There was a 50.2% turnout with 323 businesses voting. This positive vote means that over £2 million worth of investment will take place over the next 5 years on city centre initiatives.