Cherwell District Council has appointed advisors to investigate the possibility of creating a Business Improvement District (BID) in Banbury town centre. The move follows an appeal from local business leaders and the Banbury Chamber of Commerce.

In a Business Improvement District, businesses pool funds to back projects which stimulate their local high street.

Cllr Lynn Pratt, Cherwell District Council’s Lead Member for Estates and the Economy, said: “Our ambition is to make Banbury the best it can be for shoppers and businesses alike. A Business Improvement District is one way of boosting retail in the town centre.

“Cherwell is committed to investigating ways in which it can support the long-term growth and vitality of our town centres, so we are keen to gauge the community’s response to the idea of establishing a Business Development District.”

South-midlands-based company Heartflood won the contract following a competitive tendering process.

Advisors from Heartflood will soon begin investigating how popular the idea is with Banbury’s business people; their support would be needed to establish a BID.

Heartflood’s Chris Gregory said: “We are delighted to have been selected to carry out the feasibility study for Banbury and are looking forward to talking to as many town centre businesses as possible in the coming weeks to understand their thoughts and aspirations for the town.”

The BID would be run as an independent legal entity by business people, who would decide how to spend the money levied from them.

BIDs are empowered to support the local economy in ways that local authorities are not. Although local authorities collect BID levies along with existing business rates, legislation prevents BIDs from duplicating or replacing local authority services.

The feasibility study will also consider the activities a BID might undertake and how they would benefit Banbury.
It runs from June through to September.

Heartflood’s Chris Gregory is seeking the views of Banbury town centre businesses. Interested parties can contact him on 07854 027080 or chris@banburytown.com .