An Effective Voice For Local Business
The first Business Improvement District (BID) in the UK was established in 2005 and there are now over 270 in operation across the UK and Ireland, with the numbers growing year on year. Each BID is set up after a ballot of all the eligible businesses in the defined BID area, and is funded by a small levy on those businesses. The amounts raised by the individual BID levies in the varied locations across the country, range from a little as £55,000 up to £2.7 million per year.
Clearly the huge difference at the opposite ends of the income scale means that the operations and objectives of individual BID’s has to be appropriate to the location and funding for different projects and services prioritised to give member businesses beneficial and lasting results for their contribution.
Each BID term lasts for five years and then it must be decided whether to hold a re-ballot. If the BID goes to re-ballot businesses get the chance to vote for or against a further five year BID term. Therefore the success or failure of the BID term and its operations are judged at re-ballot.
There is no doubt that the benefits of a BID for businesses are extremely varied – from making an area safer and more secure, improving the way it looks and feels, to building strong links with the local community to increase footfall and profits. There are currently four BID’s in Southwark with Blue Bermondsey being the new kid on the block. Our neighbouring BID’s have been well established for many years and it was by interacting with them and discovering how their work has been vastly instrumental in regenerating the locations, to bring positive change and long term benefits to their businesses, that inspired the inception of Blue Bermondsey BID.
Better Bankside is one of the most successful and innovative BID’s in the country and the first in Southwark, beginning its work in 2005. Their efforts have transformed this once run down and forgotten corner of the capital to become a major destination for visitors and investors from across the world. They have delivered groundbreaking initiatives for their member businesses and the local community.
It was not always thus but this historic district is now a vibrant and attractive location thanks to Team London Bridge. One benefit of the area’s BID is that all local businesses have been consulted on the expansion and redevelopment of the famous London Bridge station and have achieved award-winning status for their ‘pocket parks ‘and attractive plantings. The area is experiencing unprecedented change in recent times and Team London Bridge BID local businesses, old and new, have helped to embrace and shape the change for the better.
The Waterloo Quarter BID has been enjoying the benefits of reviving the area’s food culture with its own food festival and an initiative to encourage people who work in the area to eat their lunch in the space too. In October 2012, the BID took on the management of Lower Marsh Market from the Council and have been working to encourage new traders and new visitors to the market and have initiated an ‘Introduction to Street Trading’ course to inspire the next generation of stallholders.
Blue Bermondsey BID On The Southwark BID Map
BLUE BERMONDSEY (BLUE) – BETTER BANKSIDE (PINK) – TEAM LONDON BRIDGE (TURQUOISE) – WATERLOO QUARTER (GREEN)
From Clement’s Road in the North. City of London Academy in the South. Monnow Road in the West. Raymouth Road in the East.
Blue Bermondsey takes in the central retail district around Southwark Park Road and the surrounding industrial and commercial estates
Blue Bermondsey has formed mutually beneficial partnerships with our neighbouring Southwark BID’s
We meet regularly to utilise their vast experience and expertise to help us fulfill the tremendous potential of our area.