Newbury BID wins third five-year term

Newbury businesses have voted 'yes' to another five-year term for the Newbury Business Improvement District (BID).

The majority vote for the BID means that Newbury town centre will benefit from more than £1.2 million of ring-fenced business funding until 2027.

The money, which will mostly be gathered from the participating businesses, will be used by the not-for-profit organisation to organize events and help Newbury market itself to increase footfall within the town centre.

Some small businesses are exempt, but most businesses will pay 1.5% of their rateable value to the BID each year.

Newbury BID chief executive officer Melissa Hughes said: “This is a great result for Newbury and we couldn’t be happier.

“The current BID team only came together around 18 months ago, so we are grateful our levy-payers have quickly recognised our passion and commitment to Newbury and we really value their support.”

This is the third successful ballot result for Newbury BID with 78 per cent of business voters supporting its continuation, a higher percentage achieved than in any of the other previous ballots.

The BID’s new 2022-2027 business plan will come into operation on June 1, immediately after the end of the current term.

Ms Hughes also said that the new plan will focus on marketing and shaping Newbury as a place, helping the town centre recover from the impact of the pandemic, and provide the business community with a collective voice in local matters.

Newbury BID chairman Warwick Heskins said: “What exciting news for Newbury and the future of our town.

“Newbury BID is vital in supporting our local businesses and protecting our high street both now and in the future, particularly as our local economy is still recovering from the effects of the pandemic.”

Leader of West Berkshire Council Lynne Doherty added: “The BID has done really excellent work over the years in promoting Newbury town centre as a lively and attractive destination for visitors and businesses alike.

“Newbury is now outperforming many other towns around the country in achieving footfall figures back to pre-Covid rates and that is testament to the hard work of the BID and all the businesses and residents involved in supporting BID events and initiatives.

“I can’t wait to see what exciting events the BID has planned for the next five years.”