Newmarket BID workshops to introduce scheme which could see millions invested

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Newmarket business owners are being urged to get involved in a scheme that could bring millions of pounds of investment to the town.

And next week will see the first of two workshops organised to give those interested more information about the Newmarket BID (Business Improvement District).

The first three workshops will be on Wednesday July 22 at Waitrose and another two are on Monday July 27 at the Best Western Heath Court Hotel.

Noel Byrne, chief executive of the town’s Bedford Lodge Hotel, in Bury Road, has urged retailers and business owners to support the initiative which he said could make all the difference to helping to regenerate the town’s High Street.

“There are 500 eligible businesses that fall within the designated BID area but so far only 15 per cent have filled in the questionnaire,” said Mr Byrne.

“We need to get more of them involved.”

All eligible businesses that fall within the designated BID area will be asked to vote on whether to have a BID to deliver on these improvements. Should the majority vote in favour, a BID will be formed and all businesses within the BID area will have to pay a levy.

There are currently more than 180 BIDs in the UK and it is estimated that over the next five years they will bring in more than £300m of new finance to develop their town centres.

Now in its sixth year, the OurBuryStEdmunds BID group has to date re-invested more than £1.5m back into the town centre with events such as a Whitsun Fair, food and drink festival and Christmas lights switch on.

The BID would last for a maximum of five years, at the end of which businesses will vote again as to whether it should continue.

More information is available at: www.newmarketbid.com

Find out more about the Bury St Edmunds BID at

www.ourburystedmunds.com/bid-home

THE WORKSHOPS IN FULL:

Wednesday July 22 (Waitrose)

10am – National Retailers

1pm – Office & Commercial

6pm – Independent Retailers/ Small Businesses

Monday 27th July 2015 (The Best Western Heath Court Hotel)

1pm – Interest Groups & Other

3pm – Food, Drink & Entertainment

n What do you think? Will the BID work for Newmarket?

Email your views to news@newmarketjournal.co.uk