Page 4 - OBID Business Plan 2024
P. 4
About BIDs
BIDs first came to the UK in 2005, there are
now over 330 investing over £150 million in
their locations.
They are created by, and for, businesses.
They succeed because they are focussed,
entrepreneurial and cost-efficient – providing
a powerful and fast response to address ever-
changing business need.
They do not replace local authority or other
statutory service providers but provide
additional resources. Funded by a small levy,
they are first created through a ballot amongst
participating businesses. Each BID has a
maximum term of 5-years before the need to
return to the electorate to be renewed.
As evidence of the positive effect of BIDs in
the locations where they have been developed
and on the businesses that operate there, over
90% are renewed with increased majorities.
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