In 2017 the Love Hoddesdon Team, made up of local businessmen, supported by Broxbourne Council, established a Business Improvement District (BID) in Hoddesdon town centre. . Business Improvement Districts (BIDs) have been operating successfully across the UK for over a decade and there are many established around the country, principally in town centres (see map below).
A BID is a business-led and business funded body formed to improve a defined commercial area, via a small levy (1.5% in Hoddesdon) based on the rateable value of the business. The benefits of BIDs include:
The strategic objectives of the love Hoddesdon BID are:
The Love Hoddesdon BID levy raises around £100k a year from the 240 businesses in the town to fund this work to help local businesses to prosper and attract more shoppers/visitors to the town. It first came into effect from 1st January 2018 for a five year period until 31st December 2022. It was recently successfully re-elected for a further five year term until 31st December 2027.
For more information contact Claire Bayless, who is the Love Hoddesdon BID Manager on lovehoddesdon@outlook.com