Bermondsey business owners have said The Blue is “on the brink of a new chapter” as they urge local companies to vote ‘yes’ in the upcoming Bermondsey Improvement District (BID) ballot.
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.
Local businesses must now vote on whether to give the BID another five-year term. Supporters say it’s “essential” if the area is to capitalise on Greystar’s landmark housing development on the Biscuit Factory.
Blue Bermondsey Chair Jack Shah said: “With the current Biscuit Factory housing development set to create a brand-new neighbourhood with 1,500 new homes, we stand on the brink of a new chapter in the long history of The Blue.
He added that “through the unified voice of the BID” local businesses could “grasp the opportunities and economic benefits this will bring in the coming years”.
Thanks to the BID, The Blue Market Square has undergone significant changes in recent years. There’s been the installation of the new clock tower, fixed canopies for traders and the renovation of the Big Local Works office.
Local businesses have benefitted from discounted local services, consistent marketing, and having their voice heard in discussions with Southwark Council and Greystar.
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The BID’s work has also seen an influx of community events to the area, including the return of the much-loved Bermondsey Carnival last summer.
Luds Van Den Belt is Charity Manager at Big Local Works, an organisation that supported 300 clients with employment and welfare services, and set up 50 entrepreneurs at the market, last year.
He said: “I think the really great thing about the BID is it gives a united voice to the local business community.
“There are so many advantages such as the ability to lobby the local council over its letting strategy – making sure it’s letting its buildings to complimentary services instead of it just being a betting shop.”
He said it also gave The Blue a seat at the table in business discussions with larger organisations based in London Bridge, Waterloo and Bankside, helping the area to capitalise on the wealth and footfall they pull in.
Roughly 400 businesses fall within the BID area which covers an approximate half-mile radius around The Blue. Their contributions, which can be as low as £93.75 per year, depend on their premises’ rateable value.
Businesses with a rateable value of £7,500 or more are eligible to vote in the ballot. If a ‘Yes’ vote wins, the new term will run from April 1, 2024, until March 31, 2029.
A majority of those balloted must vote in favour to secure the BID its third term.
Voting begins on Monday, October 30 and concludes on Thursday, November 23, with the result announced the following day.
To receive a ballot paper, email the BID manager at russell@bluebermondsey.co.uk.