A BID is a business-led and business funded body formed to improve a defined commercial area.
BIDs operate for a term with a maximum length of five years before going up for renewal ballot.
Weston BID was formed following a consultation process with the businesses, followed by a ballot in which businesses voted on the BID proposal. Businesses in Weston-super-Mare town centre were asked to vote in March 2012 on whether they would like to set up a Business Improvement District in Weston town centre. A successful ballot was secured.
For a BID to go ahead the ballot must be won on two counts:
- A simple majority (over 50% ) of those voting must vote in favour (YES).
- Those voting in favour must represents a majority of the total aggregated rateable value of all the eligible businesses that vote.
This ensures that the interests of large and small businesses are protected.
Weston BID (Business Improvement District Ltd) is a not-for-profit limited by guarantee organisation that started trading in April 2012.
BID 2 followed exactly the same process as above, with a revised business plan. BID 2 commenced April 2017 to March 2022.
Business Improvement Districts (BIDs) have now been operating across the UK for over a decade. There are over 200 now established around the country.
Weston Town Centre Partnership (TCP), is a company limited by Guarantee, that manages the implementation of Weston BID. Weston BID is directed and overseen by a Board of Directors who are representatives of the businesses and organisations within the Weston BID area. They give their time, experience, passion and expertise to the success of Weston BID for free. The Directors are local independent business owners, national business managers and representatives of the local authorities, who pay the BID levy themselves.
Weston BID operates within a defined geographical area – the current BID area includes the following streets:
|Alexandra Parade||Gloucester Street||Oxford Street||Town Square|
|Alfred Street||Grove Road||Palmer Row||Union Place|
|Almar Street||High Street||Palmer Street||Union Street|
|Back Street||Hopkins Street||Post Office Road||Victoria Square|
|Beach Road||Kings Lane||Prospect Place||Wadham Street|
|Boulevard||Knightstone Road||Regent Street||Walliscote Grove Road|
|Bristol Rd. Lower||Locking Road||Richmond Street||Walliscote Road|
|Burlington Street||Lower Church Road||Royal Parade||Waterloo Street|
|Cambridge Place||Marine Parade||Salisbury Terrace||Wellington Place|
|Camden Place||Meadow Street||South Parade||West Street|
|Carlton Street||North Street||St James Street||York Street|
|Cross Street||Orchard Place||St Margaret's Terrace|
|Dolphin Square||Orchard Street||Station Road|
|Francis Fox Road||Oxford Place||The Centre|
In the current BID area we represent over 400 businesses & organisations in Weston-super-Mare town centre., who have a rateable value over £7,500.
A BID is funded through the BID levy, which is a small percentage of a businesses' rateable value. Weston BID’s is 1.5% so as an example a business with a rateable value of £7,500 would pay £112.50 per year.
The BID levy is on business occupiers i.e. business ratepayers, rather than property owners. This is in line with the business rates system. The BID levy is collected by the local authority (North Somerset Council) into a ring-fenced account (called the BID Revenue Account) and passed to the Weston BID Company for use on the projects and services set out in the BID Business Plan.
No, the money does not go to the Central Government or North Somerset Council. Funds are ONLY for BID projects above and beyond those delivered by North Somerset Council and other public authorities such as Avon and Somerset Police.
Yes – if you are a business under the threshold of £7,500 you can still pay a contribution to the BID. For further details please contact us.