- What is a BID?
- A Business Improvement District (BID) is a business-led and business-funded body formed to improve the benefits to businesses within a defined area. In Hampstead Village the BID will include streets highlighted on this map.
- What will the BID achieve in Hampstead Village?
"We want to improve the Village environment in order to encourage residents and visitors to shop in Hampstead Village.
Our BID will be a strong collective voice for business, adding value to the work of public agencies such as Camden Council, City Corporation, the police and Transport for London.
Due to diminishing budgets UK-wide, it is inevitable that the local authority cannot provide the services that we need to ensure that our businesses can grow. The BID will have funds to enhance (not replace) services provided by Camden Council such as waste management and street cleanliness, parking and accessibility issues. The BID will also be resourced to improve the ambiance of Hampstead Village by investing in better quality lighting, floral installations, street furniture and regeneration projects. We will be able to work to increase customer footfall, reduce business costs, improve staff retention and to market and promote Hampstead Village. We are committed to making a real difference to the success of Hampstead Village for its businesses."
- What will the BID deliver?
Our Business Plan set out the projects and services which are to be delivered along with the management and operational functions that will deliver them.
We have formed a new not-for-profit company to deliver the Business Plan, with practical decisions on projects and expenditure being overseen by a Board of local business representatives drawn form a range of industry sectors.
The Hampstead Village BID will last for 5 years and each business in the BID area with premises with a rateable value of £15,000 or over will make an annual contribution equal to 1.5% of their rateable value to the BID’s funds.
The Hampstead Village BID is likely to generate approximately £250,000 per annum, allowing some £1.2 million to be invested in your area over the BID’s lifetime.
- Is my business within the BID area?
- If yours is a business with a rateable value of £15,000 or over within the streets marked up on the map displayed here you fall within the BID area.
- How will this affect me and my business?
The Business Plan includes details of the positive projects we are proposing for the benefit of all businesses in the Hampstead Village BID area, how much each of the projects will cost to implement and full annual budget forecasts. The BID will be funded by the eligible businesses included in the BID area, which will each pay an annual amount of 1.5% of the rateable value of the property they occupy. All businesses with a rateable value of £15,000 or over included in the BID will pay a sum of money each year. This will be collected once a year over the 5-year lifetime of the BID by Camden Council on behalf of the BID Company. This will raise over £250,000 per annum, allowing over £1.2 million to be invested in the projects laid out in the Business Plan over the BID term.
Businesses that have a rateable value of under £15,000 will be formally exempt from paying the levy, although they can make a voluntary investment in order to be entitled to all the projects and services proposed as well as full rights as members in the management and governance of the BID company.
- What projects and services will the Hampstead Village BID deliver?
The Hampstead Village BID will provide a range of projects and services as well as being a collective lobbying voice for BID businesses. Building on feedback from local businesses we have prioritised four key areas of work and investment:
Marketing, promotion and events
Improving the street scene
Addressing parking and accessibility
Further details of our proposals can be found in the BID Business Plan.
- How has the BID been developed, and how will it be managed and monitored?
- The BID proposal was developed by a BID Task Group formed of local business owners from a spectrum of sectors, supported by specialist advisors and consultants. Our BID is now being managed by a new not-for-profit limited company. This company will be responsible for the successful delivery of the projects outlined in the Business Plan. The Board of Directors is comprised of BID levy payers or equivalent voluntary financial contributors. Our Chief Executive Caroline Goldsack is responsible for carrying out the day to day delivery of the projects, reporting to the BID Board of Directors. The BID company is answerable to the businesses and directly responsible for implementing the Business Plan within key performance indicators. In Year 1, the BID Task Group involved with the development of the Hampstead Village BID has formed the core of the interim Board to allow for continuity as much as possible, together with other local business owners and managers. During Year 1, elections will take place to establish the Board from Year 2 onwards. Any levy payer or voluntary contributor can stand to be elected onto the Board during this process.
- Will the 2017 Business Rates Review alter what I pay?
- If the Business Rates Review means that you would pay more in BID levy from 2017, the Hampstead Village BID will have a mechanism to be able to lower the percentage BID Levy rate to compensate. The levy rate can’t be increased but can be decreased. The overall goal would be to ensure the total you pay remains the same.
- Who is running the BID?
Board of Directors
Andrew Lavery (Chair)
Streathers (Services – Legal)
The Hampstead Butcher & Providore (Retail – Food & Drink)
Lords of Notting Hill (Retail – Homeware)
Borough Kitchen (Retail – Kitchenware)
TK International (Services - Estate Agent)
Perkins Cleaners (Retail - Dry Cleaners)
Gail's (Restaurants and Cafes)
Mad Lillies (Services - Salons & Beauty)
Stella Lange (Services - Estate Agent)
Villa Bianca Group (Restaurants and Cafes)
Fred’s Gym (Clubs and Gym Premises)
Non-voting Board Members
Local Authority Representative
Camden Council Business Relationships and Networks Manager
- Isn’t this what I pay my Business Rates for - is this just another tax?
No. A BID cannot replace or substitute local authority statutory services. We have established baseline services provision from the public agencies (for both statutory and discretionary services) which can be viewed on request.
BIDs can only carry out services or improvements that are additional to those that are statutorily provided. The public agencies will also contribute to the BID as they own properties in the BID area, and will therefore be treated as any other levy payer.
- Are there real life examples of what a BID can do for my business?
The Camden Town Unlimited BID provided an £8 return from every £1 of levy investment and has saved BID businesses £243,182 in costs over its most recent 5 year term - “The 1% BID levy we pay Camden Town Unlimited provides more value than the 99% of other taxes we pay!” Tom Maloney, The Oxford Arms
Following a successful first term, the Ealing Broadway BID (Make it Ealing) is looking to renew for a further 5 years in 2016 - “I am voting YES for the BID. It is great to know that there is a body that has a vested interest in the businesses in Ealing, improving our local area and the BID does this. The BID continuously looks at new areas of improvement, encouraging people to shop locally and having an all round better experience in Ealing; surely that is what all business owners want? What better way to continue to improve our area than voting for the BID for a further term.” Emma Gardiner, Gardiner Residential.
The Kingston First BID promised to increase the number of visitors by 1 million over the lifetime of its BID, annual footfall from 2005 – 2010 increased by 2 million.
This testimonial from the Fitzrovia BID supports the importance of partnership working with public agencies when establishing a successful BID - “BIDs play an increasingly important role in the overall management of areas in which they operate. We are pleased to work with the Fitzrovia Partnership in achieving our shared aim of a safe and secure district for all to enjoy” - Raj Kohli – Superintendent, Metropolitan Police.
If you would like to know more about BIDs in general visit this site www.britishbids.info