WHO WE ARE
Nottingham BID was formed in 2012 following the merger of the existing retail and leisure BIDs, and the BID was successfully renewed for a second term in July 2015 with 89% of businesses voting in favour of a second term.
WHAT IS A BID?
A Business Improvement District (BID) is a defined geographical area, and the businesses within it opt (via a ballot) to pay an additional amount to provide services that they, as a group of businesses, think would benefit the city. A BID company has a maximum term of five years before businesses are balloted again to ask if they would like the BID to continue.
“The BID plays an integral part in making the city centre a more welcoming place for visitors.”
Neil Fincham, The Exchange & BID Director
This website gives details about the services that Nottingham BID will be delivering from 2016-2020. These are set out in our business plan which was developed in consultation with businesses to deliver services that they feel will benefit the city most over the next five years.
A PROFILE ON BIDS
A Profile on BIDs: Since 2003 well over 200 BIDs have been created including Sheffield, Mansfield, Birmingham, Newcastle and several London BIDs.
BIDs succeed because they are focused, entrepreneurial and cost efficient, providing a powerful, and fast response to business needs.
They are not a replacement for local authority and police services, but provide an additional resource. They are funded by businesses through a small levy, normally applied to the rateable value of commercial premises.
BIDs are created by a ballot amongst participating businesses, and have a maximum term of five years before they have to return to their electorate in order to be renewed.
With public finances under pressure, BIDs are increasingly seen as the way in which those locations fortunate enough to have one can surge ahead. If BIDs across the UK are not sustained, current national business trends indicate a gradual, sustained decline of commercial profitability in many city centres like Nottingham.
For more info on BIDs in the UK visit