£3 million to be spent in Bromley town centre after BID renewal
Bromley town centre is set to see £3 million in funds after a vote to renew a Business Improvement District.
After a four week voting period 94% of businesses voted in favour.
It’s a pretty striking victory for a scheme which sees town centre business pay a surcharge which is then spent on events, street cleaning and generally aim to encourage visitors to the area. In Bromley a BID has existed since 2015 with spending on “crime reduction, inward investment, summer planting, festive lighting, a cost reducing recycling scheme, and town centre events such as Bromley Motor Show, the Switch On, and Midsummer Movies.”
Bromley is far from alone with a Business Improvement District (BID) with more than 70 across London and plenty more beyond.
Unusually though Greenwich and Lewisham boroughs lack any within their respective areas. Tory Bexley have two while Labour Southwark and Lambeth both have BIDs to give some nearby examples.
Not grasping the nettle
Why Lewisham and Greenwich councils have never taken the lead to push such a measure and help their own finances is unknown. This was an issue covered yesterday when Greenwich Council were patting themselves on the back about spending £2.1 million spread across three town centres over five years. Compare that to £3 million in Bromley alone and it highlights the deficiency.
Bexleyheath’s BID was last renewed in 2021 after which an average of £200,000 was allocated annually until 2026. After inflation the next renewal spent could jump. Compare that to Greenwich’s big announcements on “Getting things Done” which works out as low as £108,000 for Woolwich next year.
It’s not as if Greenwich’s three biggest town centres lack plenty of national businesses who would be likely to support such a measure. After all they do in numerous other town centres.
Whilst Woolwich has struggled in recent decades it still retains big companies such as both Premier Inn and Travelodge hotels, numerous banks such as Lloyds, Nat West and Barclays plus retailers such as Primark, TK Maxx, Sainsbury’s, Tesco, Lidl, Marks & Spencer, Boots, McDonalds, Nando’s, Wetherspoons and many others.
So why won’t Greenwich push for one in their town centres? What’s the downsides? It could save money which could then be reinvested elsewhere eg spent on adventure playgrounds instead of possible closure or funding a long term home for the displaced heritage centre.
Or still allocated to town centre projects but then enhancing BID funding ensuring major upgrades remain in good condition and numerous events draw shoppers and visitors in. Either way the borough’s town centre’s win.
After 15 years of BIDs across the country Greenwich Council show no sign of pursuing such a measure and taking the lead in encouraging business.
