Bermondsey business owners have voted 81 per cent in favour of keeping their Business Improvement District (BID).
Founded in 2014, the BID is a partnership of local businesses whose teamwork and financial contributions are fuelling the revitalisation of Bermondsey’s local economy.
Since its establishment, it’s raised £2.3m in external investment, transformed the historic market on Southwark Park Road, and adorned Bermondsey’s streets with trees, monuments and murals.
Last month, roughly 400 local businesses around the perimeter of the Blue were given the vote on whether to give the BID another five-year term.
This was the third vote since its inception and although there was less turnout than in 2018, BID Chair Jack Shah, said a bigger majority were in favour this time – 81 per cent.
“It’s the best outcome for both the businesses and the community,” he said. “Without the BID, there’s no voice for businesses.
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“We act as a buffer between them and the council – but we also work to make the area more pleasant, whilst making sure different needs of the community are met as well.”
Russell Dryden, BID manager, is also pleased with the result, commenting: “I think it’s really good for the area – for people to know the businesses here care about their community.”
A business’ contributions, which can be as low as £93.75 per year, depend on their premises’ rateable value.
Those with a rateable value of £7,500 or more were eligible to vote in the ballot.
Having now secured a ‘Yes’ majority, the new term will run from April 1, 2024, until March 31, 2029.
Mr Shah added that he is looking forward to the future of the BID. “The pandemic really set us back, we essentially lost two and a half years we had plans for the Blue – so now we will get back on track with those plans.”
This will include creating a cut-through from the Blue to the Biscuit Factory – in light of the 1,500-home development being built there currently.