About Hinckley BID

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An introduction to Hinckley BID

In November 2008, Hinckley Town Centre businesses voted in favour of helping steer Hinckley Town Centre towards a successful future through a Business Improvement District (BID). The BID formally commenced on 1st May 2009.

A scene of shoppers in Castle Street

Hinckley has faced increasing competition in the last few years, including resurgent local towns and cities, out of town retail parks and the internet. If the Town is to remain competitive then it needs to generate a realistic level of funding to promote and improve the Town in order to attract more shoppers and visitors and promote local businesses.

A BID in Hinckley is a new way of managing the Town Centre. Voted for locally, local issues will be addressed with targeted solutions. Business led and with real control and accountability, the money raised as well as any external funding will be spent on the initiatives which businesses have highlighted; marketing and promotion, events and visitor services and business development. Legally binding, it will provide practical services to ensure a well promoted, vibrant and accessible environment.

The BID aims to encourage a sense of local pride, gain the support of the local community to ‘Keep Business Local’ and encourage local trade within the wider business community.

Protecting Everyone's Interests

The interests of large and small businesses are protected by a system requiring a successful BID vote to have a simple majority - both for positive votes and for the rateable value of the businesses which cast them.

The current Hinckley BID has a lifespan of five years, with a proposal which means that a fresh vote to continue the BID will be tabled in March 2014.

The BID provides a real opportunity for the local business community to have their voice heard and to shape the future of their trading environment.

Legislation

The BID is governed by Part 4 of the Local Government Act 2003 and Statutory Instrument 2004 No. 2443 – Business Improvement District Regulations. The full document (as approved by Parliament) can be found on the UK BIDS website.