The cost to each business is a small percentage of their rateable value and so is based on the size and location of their premises. The levy represents an investment in the town by each business which, for a relatively small sum, generates a considerable return. During our initial consultation period when the BID was established in 2016, businesses in Cheltenham siad that they would support a basic levy of 1.25%, which means that the BID would cost your business the following amount per year:
For managed shopping and entertainment centres, we have followed national best practice and proposed a reduced levy of 1% in view of the additional fees already paid for services in these centres. We have applied the same reduction to non-retail chariteis with no trading income.The median Rateable Value within the Cheltenham BID area is approximately £61,500, with the majority of businesses falling well below this figure. For most businesses, the cost of the BID levy will be less than £2 per day.
Cheltenham BID is a very big part of the Cheltenham community. They give hope to the smaller businesses and they are a voice for us all, we need them now more than ever, CHRISTOPHER SMITH, The Logical Utilities Company