THEY DID it! Businesses in and around the town centre have approved a new five-year term for the two Business Improvement Districts.
They have been asked to vote on the BIDS, which will run from April 1, through to 2029 – and they gave a resounding yes.
More than 900 businesses and organisations within the town centre’s two BID areas were balloted on the proposals. All businesses in the BID district will pay a 1.4% levy on their business rates.
In all, 88% of businesses by number and 93% by rateable value were in favour of the plans from REDA (Reading’s Economy & Destination Agency) for the Reading Central BID, meaning it can carry on the work it has been doing for the town since 2006.
And for the newer Abbey Quarter, the results were near unanimous.
In the vote, 95% of businesses by number and 97% of businesses by rateable value were in favour.
Turnout was 40% for Reading Central and 35% for the Abbey Quarter BID. In 2019, the turnout was 41% and 32% respectively.
Reading Central BID covers the area around Broad Street, from Jacksons’ Corner to Broad Street Mall and the Oracle to the Station. This latest vote is the fourth time town centre businesses have voted to keep the services of the BID.
The Abbey Quarter BID covers the area surrounding Reading Abbey and includes many of Reading’s new central office buildings, and launched in 2019.
The news has been welcomed by REDA, which provides the management operation for Reading’s two BIDs.
Its chair, Adam Jacobs from Jacobs the Jeweller, said: “Businesses in Reading town centre have recognised the immense value that both BIDs bring to our business community.
“These resounding votes in favour of creating two new BIDs for 2024-29 reflect the invaluable contribution of our BIDs to the economic and social wellbeing of our town centre.
“Our businesses have again voted for continued prosperity, innovation and an investment of £7.5 million in our town centre, their businesses and employees over the next five years.”
A similar endorsement has been made by the mayor of Reading, Cllr Tony Page, who said it was excellent news for the town.
He also joined REDA in thanking those who had helped maintain the BIDs in recent years, including chairs Andy Briggs from The Oracle Shopping Centre and Andrew Whiteacre of Boyes Turner LLP.
“My thanks to the staff of REDA who have steadfastly looked after the town centre for the last five years,” said Cllr Page.
“I know the Council will play its full part in the 2024-29 BIDs, providing complementary services and working in partnership with business as our town centre continues to prosper and reinvent itself.”
The two new BIDs 2024-29 will replace the existing BIDs which come to the end of their term on March 31.
More information at: www.readingbid.co.uk
