Cornwall’s first commercial Business Improvement District (BID) has been created.
Business people with premises in Newham, Truro, overwhelmingly voted ‘yes’ to establish the BID.
This means funds of £420k will be raised over the next five years to be spent on what Newham business people want as a means of improving their trading environment, such as installing sign boards showing where businesses are, removing dumped rubbish and installing security cameras.
Newham will be the first BID of its kind in the Cornwall. The town centre BID model is popular in Cornwall, with five town centre BIDs already up and running; a BID in Newham will be the first ‘commercial’ BID in Cornwall addressing the needs of offices and industrial premises.
Peter Beaumont of Cornish Mutual said: “It is fantastic that the businesses of Newham have decided to collectively take a more active role in the stewardship of this important trading area. I look forward to seeing the area benefit from the BID following the recent ‘yes’ vote.”
Event Cornwall’s Claire Eason-Bassett added: “We are delighted that Newham has voted ‘yes’ to the fantastic opportunity that having our own BID presents.
“This means that we have the ability to be more than we are individually, to achieve more and to do more and better business. The development improvements to our physical environment, safety and public transport will be particularly important both for the perceptions of Newham as a business area and for the confidence and safety of my staff team.”
The Newham BID will be administered by the already successful Truro BID, Totally Truro Limited, enabling cost savings for Newham BID to be made. Recruitment of a part-time BID Manager for Newham is now underway.