Croydon town centre businesses back Croydon BID for five more years

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Croydon Town Centre Business Improvement District (BID) has won the backing of the town centre business community to continue for a fourth five-year term, following a 31-day ballot conducted by Croydon Council Electoral Services.

With a voting majority of 91.25% by number and 94.86% by rateable value, businesses voted in favour of Croydon BID continuing for another five years from April 1st 2022 to March 31st, 2027. The total turnout was 53.55%.

Croydon faces several challenges as it looks to reboot and restore the local economy and to offer those that live, work and visit our borough the confidence, certainty and clarity as to the future direction of Croydon town centre. The business community is at the heart of the discussion and will be represented independently by Croydon BID as together, the town centre looks to stabilise, grow and thrive once more.

Darren Hockaday, Chair of Croydon BID said: “I wish to thank the business community for the support they have shown in the recent Croydon BID ballot at what has been a difficult and challenging time for many. The result demonstrates not only the confidence our members have in our abilities to represent them at a time of need but the realistic vision we have presented for the next five years.

“We recognise that the challenges facing each and everyone of us will take time to overcome. Our town centre will take time to heal. However, working together, we can and we will regain lost confidence, instil certainty and direction and look positively to the future. Croydon BID will represent the needs of business, at the heart of the discussion, investing in valuable projects and services that deliver. 

“I would like to pay tribute to Matthew Sims and the BID Executive Team who have worked tirelessly over the past five years and in particular, the way in which they have represented businesses during the pandemic. They have demonstrated their ability to do what is necessary, delivering what is required at a time of great challenge. The successful ‘yes’ vote is testament to their efforts as a team committed to Croydon.”

Businesses, through voting ‘yes’ for Croydon BID and a further five-year term, has committed to investing £4.5million into Croydon town centre to support projects and services that businesses have made clear are important to ensuring Croydon’s future growth and economic success.

Croydon BID’s income is raised through a 1% levy on businesses in the town centre whose premises have a rateable value of £40,000 or more. Croydon BID has committed to fixing the 1% levy for the next five years.

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