Business Improvement Districts
Business Improvement Districts (BIDs) are fast becoming a global success story - there are thousands throughout the world, including 1400 in the US and growing numbers in South Africa and Canada. The legislation to create Business Improvement Districts in the UK was only approved by parliament in September 2004.
A Business Improvement District is an independent, business-led company which seeks to improve a given location for commercial activity. Its services must always be additional to those provided by the local authority and others. Many Business Improvement Districts have a core programme which includes Cleaning, Greening and Safety.
A Business Improvement District can only come into existence if it is approved in a ballot. If it secures this approval, it is funded by a compulsory ‘levy' on all eligible businesses within the boundaries it has set. After five years its future must be reviewed and - if it hasn't performed to businesses expectations it will not continue.
A BID Company is usually a not-for-profit Company, limited by guarantee and led by a Board of local business representatives and a representative from the local authority.
Southwark has two BIDs within its boundaries, one in Bankside and on at London Bridge. Better Bankside became a BID in 2005 and is the UK’s third-ever Business Improvement District, the second in central London and the first south of the river. London Bridge Business Improvement District Company came into existence in 2006.
