Coastal Businesses renew their BID for Five More Years & £6M investment.
Bournemouth Coastal Business Improvement District (BID) has been voted through by coastal businesses and will now utilise a total budget of £6,526,400 to realise their 2017-2022 Business Plans.
Celebrating their successful renewal ballot, the Bournemouth Coastal BID has been given a seal of approval from the business community to invest in Bournemouth for another five years. Requiring a 50% majority, the Coastal BID have announced that over 55% of businesses voted in favour of the BID. Made up of the BID levy, plus strong venture partnerships and voluntary contributions brought together by the BID, they will now utilise a total budget of £6,526,400.
The ‘Yes’ vote represents an agreement between businesses to invest collectively in projects and services which will improve their own trading environment. Working on their behalf and with immediate effect, the Coastal BID will begin to deliver their extensive 2017-2022 Business Plan. Pursuing its vision and objectives for another five years they are bringing revised vigour and a fresh approach. They plan to invest more towards promoting Bournemouth as a destination whilst also emphasising the uniqueness of its trading districts.
Over the next five years, the Coastal BID will attract more residents and visitors through targeted marketing and events, inspiring people and customers to come back to the area, again and again. Represent a significant return on investment for all levy payers, the BID will be involving, informing, and supporting stakeholders. They will also increase business support in its many forms to give businesses a competitive advantage.
Paul Clarke, Chairman of the Coastal BID and Cluster General Manager of Hallmark Hotels, Bournemouth comments:
“We have achieved so much in the last five years, but there is still more to be done. Having received the support of the local business community, we can now deliver a whole range of activities to encourage more people to visit, stay and return to Bournemouth. Bournemouth will also continue to grow as a vibrant, attractive, eventful, connected, safe and successful environment in which to do business.’’
First voted through by local businesses in 2012, to date the Coastal BID is an independent, not-for-profit company with a board of directors made up of and elected by, representatives from the businesses involved.