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, is almost certain to generate a considerable return. Businesses in Cheltenham have told us 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. 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.
The licensed trade faces unique challenges, including changing legislation and a need to balance commercial concerns with a duty to promote responsible drinking. The BID would enable better communication between businesses, licensing authorities and other stakeholders. Jimmy Elias, Operations Director, Moomoo, Fever and Kukui Nightc