Reading town centre businesses vote for double BID 2024-29

23rd February 2024

A resounding business vote in favour brings in a new five-year term for both Reading Central Business Improvement District (BID) and Abbey Quarter Business Improvement District.

Businesses based in Reading town centre have voted to invest in Reading town centre by voting in favour of two new BIDS for 2024-29, which will see continuity of Reading Central BID and Reading Abbey Quarter BID for another five years, starting on 1 April 2024.

Reading Central BID result

88% of businesses by number and 93% of businesses by rateable value voted in favour of the proposals put forward by REDA.

Abbey Quarter BID result

95% of businesses by number and 97% of businesses by rateable value voted in favour of the proposals put forward by REDA.

Adam Jacobs, Chair of REDA, which provides the management operation for Reading’s two BIDs, said: “Businesses in Reading town centre have recognised the immense value that both BIDs bring to our business community. These resounding votes in favour of creating two new BIDs for 2024-29 reflect the invaluable contribution of our BIDs to the economic and social wellbeing of our town centre. Our businesses have again voted for continued prosperity, innovation and an investment of £7.5 million in our town centre, their businesses and employees over the next five years.”

Reading BID wishes to thank the two BID Chairs, Andy Briggs from The Oracle Shopping Centre and Andrew Whiteacre of Boyes Turner LLP who have steered the BIDs to success over the last five years, including the difficult COVID period.

Councillor Tony Page, Mayor of Reading, said: “This vote is excellent news for Reading town centre, its businesses and everyone who uses the town centre. My thanks to the staff of REDA who have steadfastly looked after the town centre for the last five years. I know the Council will play its full part in the 2024-29 BIDs, providing complementary services and working in partnership with business as our town centre continues to prosper and reinvent itself.” 

The two new BIDs 2024-29 will replace the existing BIDs which come to the end of their term on 31 March 2024. Businesses voted on two business plans for 2024-29, which will now be fully developed to roll out from 1 April 2024. 

These results were up on the 2019 vote:

• Reading Central BID – by number of votes - 80% / by Rateable Value – 94%
• Abbey Quarter BID - 87% / 87%

Reading Borough Council, as ballot holder in accordance with its electoral role under the Local Government Act 2003, will publish the full result of the ballot on its website, http://www.reading.gov.uk

Reading Central BID has been in existence since 2006 and is focused on the streets around Broad Street, from Jacksons’ Corner to Broad Street Mall and the Oracle to the Station. This latest vote is the fourth time town centre businesses have voted to keep the services of the BID.

The Abbey Quarter BID covers the area surrounding Reading Abbey and includes many of Reading’s new central office buildings. This is an area which has developed fast in recent years and has the potential to become a world-class business location and a great place in which to live and work. This BID came into being in 2019 and has now been successfully voted back in.

Over 900 businesses and organisations within the town centre’s two BID areas were balloted on the proposals. The proposal was subject to a 28-day postal ballot, administered by Civica, the designated independent electoral organisation. Under the Local Government Act 2003, Business Improvement Districts (England) Regulations 2004, Reading Borough Council, as ballot holder, has been responsible for the conduct of the ballot.

According to the legislation, in order for the BID to be established, a majority of businesses by number and rateable value needed to vote in favour of the proposals.

The new BIDs will take effect from 1 April 2024. All businesses will pay a 1.4% levy on their business rates.

More information about BID 2024-29>>>