In a recent ballot, local businesses in Edgware have shown overwhelming support for the borough’s first-ever Business Improvement District (BID), gaining the endorsement of Barnet Council.
The decision is expected to attract investments of up to £800,000 over the initial five-year term, aiming to rejuvenate the local economy and foster a thriving business community.
The BID initiative has been a collaborative effort involving key stakeholders such as local businesses, Transport for London (TfL), Ballymore, and Barnet Council. Over the past year, the BID steering group has undertaken extensive consultations to gain insights into the priorities of businesses in Edgware.
The primary objective of the Edgware BID is to unite businesses and encourage collective investment in the management and marketing of the town centre.
By pooling resources and expertise, the BID aims to revitalise the area, creating an environment conducive to business growth and prosperity.
Councillor Anne Clarke, Barnet’s Small Business Champion and Cabinet Member for Community Wealth Building, expressed her enthusiasm for this milestone, stating, “As the first BID in Barnet, the Edgware BID marks an important moment in our partnership with communities and businesses.
“By establishing this BID, we can foster a stronger dialogue between the council and the business community in Edgware. Together, we hope that we can make Edgware a place for businesses new and old to thrive.”
The funding for the BID will be derived from a small levy imposed on local businesses, determined by their rateable value. The Barnet Council will also contribute as a levy payer, demonstrating their commitment to the project’s success. The generated funds will be allocated to various services and initiatives, including physical improvements such as cleaning and greening, town centre promotion, enhanced security measures, and representing a unified voice for the business community.
Lucy Stanford, BID Project Manager for British BIDs, expressed her satisfaction with the outcome, saying, “British BIDs is really pleased to hear that it’s a ‘yes’ for the Edgware BID. A BID is an excellent way to have one combined voice for the local business community and to provide really important support services that the businesses would like to see in their area.”
To find out more about the Edgware BID and its initiatives, visit https://edgwareyourhighstreet.com/