Business

NEWRY BID RESULTS

On the 25th September 2015, the Newry City business community was asked to vote on whether or not it wanted a Business Improvement District for Newry. A Business Improvement District (BID) is a not-for-profit organisation set up to improve the trading environment for businesses and raise the profile of the City. The BID is accountable to a board of directors made up of key city centre stakeholders. Eligible businesses within the BID boundary help fund the BID through a mandatory investment agreed by the business community representatives.

BID levy payers can become members of the BID Company and can have a vote and a voice on how projects are managed and how money is spent. The Newry BID Company will generate at least £1.8 million over a 5 year period. This money will be used to deliver the Newry BID Business Plan which was created and designed by Newry business people. The plan sets out projects that will improve Marketing, Accessibility, Business Support and Physical Improvements. The BID company aims to secure further investment into the City to provide even more return on investment for businesses. BIDs work in partnership with local authority and public sector bodies.
There are over 240 BIDs in the UK with three in Northern Ireland and three BIDs in the Republic of Ireland. BID Companies are responsive, dynamic and accountable to their board. A BID is democratically elected through a private postal ballot. They last for 5 years and then go to re-ballot. 9 out of 10 BIDs are voted back in.
On the 6th November 2015, the Newry BID ballot result was announced at a local business, Finegan & Son, Kildare Street, Newry. Ms Naomi Bailie, Chairperson of Newry Mourne and Down District Council made the announcement. Newry was declared a BID area with a resounding YES vote from the business community: 87% voted in favour of a BID by number, and 92% by rateable value. A BID requires over 50% of businesses to vote both in number and by rateable value of their property.
Our result is the BEST in Northern Ireland and is in the top 5% in the UK! The Newry BID team made up of 20 local businesses was led by BID Project Manager. The project was funded by Newry, Mourne and Down District Council and the Department of Social Development. Newry is the newest BID area in Northern Ireland after Belfast and Ballymena. Strabane, Cathedral Quarter Belfast and Enniskillen are expected to follow.

The Newry BID company will form on the 7th March 2016. Please find a copy of the Newry BID Business Plan here:
Please contact Newry BID on 02830250303 or bidsmanager@newrybid.com for more information.

 

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