About BIDs

A BID (Business Improvement District) is a business led and business funded limited company set up for the purpose of improving a defined commercial area. It is an investment scheme where businesses have the opportunity to say how the money should be invested to benefit themselves, their employees, customers and clients. Each business within a defined area will pay a percentage of their rateable value towards the BID (in the case of Beeston this is 2.5% for businesses under £25,000 and 2% for businesses over £25,000).

BID companies are set up as limited companies and are not a way for local authorities to get more money. Although Broxtowe Borough council will collect the levy on behalf of the Beeston BID Company, this money is then handed directly back.

The company has a private sector dominated board, made up of representatives from the local business community along with one Council representative. It also employs a full time BID manager to deliver the business plan (for more information, please visit the Your BID manager and Board section of the website)

There are currently over 100 BIDs operating across the Country and even more around the World. The nearest BIDs to Beeston include the Nottingham Leisure BID, the Nottingham Retail BID, the Derby Cathedral quarter BID and the Mansfield BID. With more and more BIDs emerging across the country and the changes to future government funding, it is vital that town centres embrace this concept and work together to create a brighter future.

The Beeston BID is a member of British BIDs, a national advisory service for the BID industry bringing together BIDS and stakeholders to share in joint learning and informing future BIDs policy across the country.

For more information visit the www.britishbids.info website