WHO ARE WE

Hemel Hempstead BID

Formed in late 2014

Hemel Hempstead BID is the Business Improvement District

(BID) Company for Hemel Hempstead.

A BID is a defined geographical area and within it, businesses opt (via a vote) to pay an additional amount to provide services in that area that they, as a group of businesses want to have. A BID company has a maximum of five years before it has to ask businesses if they want the BID to continue.

Businesses voted with a firm yes for the Hemel Hempstead BID to to act on their behalf. Businesses expressed a strong desire to work together to ensure that the town centre can make the most of its potential and remain ahead of the competition.

The appointed BID Manager works under a Board of Directors and works closely with an Advisory Board.

The Hemel Hempstead BID Business Plan can be downloaded here:

The Information

A PROFILE ON BIDS

Since 2003, over 300 BIDs have been created including London, Newcastle, Swansea, Nottingham, Brighton, Liverpool and Edinburgh.

Locally both Guildford, Streatham and Ilford have benefited from BIDs.

BIDs succeed because they are focused, entrepreneurial and cost efficient providing a powerful, and fast response to business needs. They are not a replacement for local authority and police services, but provide an additional resource. They are funded by businesses through a small levy, normally applied to the rateable value of commercial premises.BIDs are created by a ballot amongst participating businesses, and have a maximum term of five years before they have to return to their electorate in order to be renewed.

With public finances under pressure, BIDs are increasingly seen as the way in which those locations fortunate enough to have one, can surge ahead. If BIDs across the UK are not sustained, current national business trends indicate a gradual, sustained decline of commercial profitability in many town centres like Hemel Hempstead.

For more info on BIDs in the UK