What is a BID?
Business Improvement Districts (BIDs) are a business led and controlled partnership covering a tightly defined geographic area that delivers an agreed set of services and projects.
Prior to a new BID starting, the proposed services, projects and business sectors to be included in the BID area must be set out in a business plan. It is for businesses to vote on the businesses plan and decide whether they wish the BID to go ahead or not.
BIDs began in the UK over a decade ago and now total over 300 nationwide. Typically setup for five years at a time, they currently represent almost 150,000 businesses and commercial properties, spread across industrial, commercial and mixed-use locations and operate against defined government legislation.
Key BID Facts
- In the UK, the majority of BIDs exist in town centres, however they are also in industrial, commercial and mixed-use locations.
- The BID mechanism allows for a large degree of flexibility and as a result BIDs vary greatly in ‘shape’ and size.
- The average size of a BID is 300-400 hereditaments (business locations), with some of the smallest having fewer than 50 hereditaments and the largest at over 1,000.
- Annual income is typically £200,000-£600,000 but can be as little as £50,000 per annum and over £2 million.
- Legislation enabling the formation of BIDs was passed in 2003 in England and Wales (with subsequent regulations published in 2004 and 2005 respectively) and in 2006 in Scotland.
- The first BID in England started in January 2005.
- The first Scottish BID started in April 2008 as did the first Welsh BID.
- BIDs were first established in Canada and the US in the 1960s and now exist across the globe, including in South Africa, Germany, Japan, New Zealand and Australia.
About Hereford BID
From BID 1 begining in 2015, to the present day, learn more about Hereford Business Improvement District.
Hereford BID
Area
Hereford BID covers a tightly defined area of Hereford City Centre and includes around 500 businesses.
