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Town centre businesses support Banbury BID new 5-year term
22/02/2023
The BID’s new business plan includes a focus on business relationships, increasing footfall and reducing vacant units
Businesses in Banbury Town Centre have voted in favour of keeping Banbury BID operating for another 5 years.
A Business Improvement District – known as a BID – is a defined area in which a levy is charged on all business rate payers in addition to their business rates bill. The levy income is used to develop projects which will benefit businesses in the local area.
Businesses with a rateable value of over £10,000 were able to vote on a second 5-year term for the BID. The ballot closed last Thursday (February 16). Businesses with a rateable value under £10,000 did not get a vote as they are not liable to pay the levy.
Of 138 businesses that voted, 77 were in favour of the BID having a second term (56%).
Banbury BID’s initial term started in 2018. It’s business plan included promotion of the town to regional and national audiences utilising high quality branding.
Projects proposed at the time included increasing footfall during quieter periods, providing a range of support for independent businesses and enhancing the appearance of vacant units.
The Umbrella display in Butchers Row and Pocketful of Sunshine in Church Lane were organised by Banbury BID, alongside the Experience Banbury website and advertising and last year’s Victorian Christmas Market.
During the 2023-2028 period an additional £820,000 of income will be raised for the BID to execute its latest business plan.
This proposes continuing to employ Town Hosts who will enhance connections and relationships, to keep businesses better informed. Events to increase town centre footfall will be provided and supported together with helping initiatives to reduce crime in the town centre. Other areas of focus include reducing the number of vacant units in the town and providing Banbury town centre maps to highlight attractions and landmarks.
Councillor Ian Corkin, Deputy Leader of the Council and Portfolio Holder for Regeneration and Economy, said: “I am delighted that Banbury will continue to have, for the next five years, a Business Improvement District. Banbury is the only town in Oxfordshire to have a Business Improvement District and it is a welcome benefit for Banbury, enabling significant resource to help promote the town and its retail, cultural and leisure offer.
“The delivery of the BID’s business plan will be an enormously valuable addition to the council’s own commitment to Banbury town centre and it will complement the council’s regeneration plans going forward.”
Published: by Banbury FM Newsteam