All business ratepayers in the Business Improvement District pay the BID levy, with the exception of non-trading charities, the library, advertising hoardings and telecom installations, unless directly connected to a profit-making business. The levy is 2% of a business’ ratable value.
 
There is a minimum "joining fee" for small businesses and the rate is capped for our biggest contributors.

A 2% levy raises approximately £550,000 per year for the five-year life of the BID. As Bayswater's business community grows, this amount will also grow too.

To achieve all the activities, we calculate that the majority of Bayswater businesses will only pay typically £4 per week each.

In addition, the BID Board will aim to increase the budget by at least half as much again, through grants and other sources, potentially making over £825,000 per year available in Bayswater. Other successful BIDs such as London Bridge, Paddington and The New West End Company have achieved this much and more.

A BID is a clearly defined geographical area within a town or city where businesses agree that additional activities are essential, on top of those services already being provided by the local authorities, to help improve their collective business performance. The precise nature of these "extras" is determined and the whole package "priced up". This cost is then shared across all businesses in the BID area over a five-year period. Every business ratepayer has the chance to vote on whether or not to deliver the BID's planned activities and if a majority vote in favour, it becomes compulsory for every business to pay a the levy towards the total cost.

Local business people form a BID Management Board, and are responsible for employing a small staff resource to co-ordinate and manage the action programme. This team creates added value by monitoring existing service delivery and controlling all the additional projects as well as helping to generate extra income from other sources to maximise the scope and achievements of the BID.

The Board has been elected by the levy payers, and have a direct say in the way in which the BID functions. Service on the Board is voluntary with no remuneration paid to the directors. The agreed BID Business Plan will be independently audited and reviewed every year with an annual action plan updated and circulated, along with regular newsletters and e-bulletins to keep you, the stakeholders, fully informed and involved in the developing offer.

As with many commercial areas around the UK, Bayswater's businesses are under pressure. We are faced with increasing competition from nearby neighbours such as Westfield, The West End and Notting Hill/ Kensington. They are working hard to get their act together too and see our customers as a very attractive market to access and absorb. The Internet also continues to tease sales from high street shops all over the country and despite the huge influx of tourists into Bayswater, spending generally is declining as the global recession bites hard into disposable income.

Shoppers here complain about the cost of public transport, parking charges and the shortage of spaces on busier days. Careless on-street parking hampers deliveries and public transport, causing congestion, frustration and occasional accidents. Theft, violence and anti-social behaviour are constant challenges too with teenagers from adjacent boroughs travelling to inflict mischief locally, especially in the lighter evenings.

We need to join forces to promote Bayswater to residents and to a wider audience as a fabulous place in which to live, work, shop, relax and do business successfully and harmoniously, making the most of the different ethnic cultures that are concentrated here.

Experience around the country now suggests being part of a BID makes a huge overall difference to a community.

It improves business confidence, attracts inward investment, creates more employment opportunities and promotes growth. The BID can act as a catalyst and promoter of new schemes and concepts. Undoubtedly it will become a powerful voice for the business community and make representations to the local authority, Government agencies and others about concerns, problems and issues.

A variety of issues were raised from the extensive market research we conducted with both businesses and on-street users. These will be tackled by creating projects and activities under six core themes:

• A Cleaner environment
• Safety and Security
• Transport, Access and Parking
• The Look and Feel of the area
• Business Development
• Marketing and Promotion

These are the areas where we can achieve the widest benefit for the greatest number of business ratepayers with minimum expenditure on staffing or administrative infrastructure. In other words, your money will be spent directly on projects that will benefit your business and your Bayswater.

CLICK HERE to view the Business Plan.

Building Better Businesses in Bayswater

Membership of the New Bayswater BID Company is open to all organisations eligible to pay the Bayswater Business Improvement District (BID) levy. Members are entitled to vote on Company matters at all Annual and Extraordinary General Meetings (A/EGMs).

Click here to download the BID Membership Form