January 2024
Locus Bulletin
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Dear Friends & Colleagues,
I am excited to share our latest BID Bulletin with you. I believe that highlighting trends and innovations within the BID industry, as well as developments within the broader sphere of destination management, has never been more important.
Our Bulletins follow on from our hugely successful February 2023 Masterclass, which spotlighted Sydney Harbour and CityCo in Manchester to an audience exceeding 150 practitioners – today, we announce the date and line-up for the second in the series.
I am thrilled that the Locus team is now the preferred partner for so many of you. As our portfolio continues to develop, we will not compromise on our core values of working in extraordinary places, on innovative projects, and with amazing people.
So, whether you need technical advice or support during development and ballot, or are about to start executive recruitment, please contact us, we would be delighted to hear from you.
Please, enjoy the Bulletin.
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As of 31st December 2023, there were 245 urban BIDs in England (including those operating and those which had succeeded at ballot with a 2024 start). This doesn’t include wider tourism or destination BIDs that might take in all or part of a city centre. 10 different English cities house 103 (42%) of the total.
Contributing to these BIDs are 101,297 hereditaments (business premises) and they invest £129,662,180 a year through an average levy rate equivalent to 1.41% of rateable value.
We hear much of the north-south divide and we’ve found that it affects our industry too. Despite charging higher equivalent rates, city BIDs in the north of England – which are already lower in number – on average generate substantially less (annual average £1,071 per hereditament) than those in the south (annual average £1,383 per hereditament).
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For those of you that don’t know, this city is undergoing the most incredible £2 billion regeneration. The city centre, which is already close to the seafront, will extend across the River Wear where the football stadium is located. Riverside Sunderland will create 1,000 homes, and 1 million square feet of offices and workspace for up to 10,000 employees.
First task when the BID came up for renewal in 2023 was to ensure that it aligned its strategy with the ambition of the city. By using the availability of a BID Ballot, rather than a Renewal Ballot, Sunderland BID will include the whole of the Riverside development area from April.
Next, like so many locations (particularly in the North), RVs in Sunderland had reduced significantly. The ambition demanded by businesses could not be achieved with less money. So, the solution was to author a unique set of levy rules to charge based on historic obligations – businesses loved it, the ambiguity of “it will be a higher percentage of a figure that you don’t know” was replaced with “it won’t cost you anymore, just pay what you paid this year.”
The result is a whole area BID, fit for the future, with 400 businesses contributing £550,000 a year (average) and collaborating to play a key role in the most ambitious city regeneration project underway in the UK.
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Masterclass - International Comparisons & Emerging Trends
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In 2023’s Masterclasses, we visited New York, London, Sydney, and Manchester.
For the next, we are off to Cape Town in South Africa where we will be joined by Derek Bock, Chief Operating Officer, Voortrekker Road CID. Alongside, we will visit a UK BID location (full details to follow) and, together, they will provide insight into the future of the industry globally.
The Masterclass will also provide an overview of emerging trends in UK BIDs using data from 2023.
The next Masterclass will be on Wednesday 20th March at 10.00am (GMT) lasting 1-hour, it’s on-line and is completely free of charge.
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These photos depict 4 different locations where the Locus team are currently working. Guess where these places are and click below to see if your answers are correct.
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Are you developing or renewing a BID in 2024 or 2025?
If so, you are likely to want the reassurance that you have everything covered and haven’t missed an important deadline or misunderstood the Regulations.
Our ‘Build A BID’ service will give you all the tools you will need throughout the development and ballot phases - from how to interpret the Regulations, to what you mustn’t forget to include in your BID Proposal; from how to develop a ballot timeline, to what it takes to win in the end. It aims to contain all the tools and guidance a BID approaching ballot could possibly need, all in one place, available to you at all times, as much and as often as you need.
Plus, it comes at a fixed price and is available in modules, so can be tailored to suit your budget.
Take a look at www.buildabid.co.uk, or contact us at matthew@locusms.com for a free demo.
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