Newbury businesses to vote on consortium

The Newbury Town Centre Partnership could be replaced with a Business Improvement District (BID)

NEWBURY businesses will discuss whether the town should adopt a cartel, which could generate £200,000 a year to improve the town centre, at a meeting tomorrow (Tuesday).

Rate-paying business across Newbury town centre are to be consulted on whether they want to form a Business Improvement District to replace the Town Centre Partnership, which will become defunct when its funding runs out in April 2012.

Under BID, each business would pay between a 1 and 5 per cent levy, based on the rateable value of the size of their business, generating an estimated £200,000 a year for town centre improvements.

The BID steering group have already employed a BID consultant and are currently interviewing for the position of BID manager, who will liaise with businesses in the town.

The Newbury Retail Association will hold a meeting at Newbury Town Hall tomorrow (Tuesday) at 6.15pm for businesses wanting to find out more about the scheme.

In order for the BID to succeed, at least 50 per cent of the businesses that vote must vote in its favour.

A postal vote is likely to take place next year.

The meeting is limited to 50 seats so if you want to book a seat email Newbury's Event manager Caroline Paus at caroline@newburyevents.co.uk or phone 0845 003 9953.