South Bank BID was set up in 2014 to improve the management of South Bank in the face of increasing footfall and falling public spending.
We fund and support a number of public realm services, including enhanced security, cleaning and refuse collection, and help to promote South Bank as a leading visitor destination and as the cultural heart of London. We are a voice for South Bank businesses and provide a wealth of networking opportunities to the organisations in our BID area through event and networking programmes.
South Bank BID currently has 250 BID levy payers. These are businesses that have property in the South Bank BID area with a rateable value of £50,000 or more, although some exclusions apply.
The work of South Bank BID is achieved by working in collaboration with others who share our vision for the future prosperity of the South Bank, including South Bank Employers’ Group, South Bank Partnership, the Visitor Management Group, South Bank Marketing Group and South Bank Business Watch. South Bank BID is an independent organisation, governed by a Board of Directors drawn from a range of businesses within the BID area who work to support all our levy paying members and to represent their views.
What is a BID?
A BID is an organisation established and run by local businesses to improve the commercial conditions of the defined area. It is funded through a levy on business rates, introduced via a ballot for which a majority of eligible businesses (by number and rateable value) must vote in favour. If the ballot is successful the BID term is usually 5 years during which time an agreed set of services are delivered towards the collective objectives of the BID members.
What do businesses get in return?
Amongst other services, the BID promotes the area and its individual businesses to a wide audience, provides street cleaning and graffiti removal, a uniformed patrol service to deal with illegal trading, petty crime and antisocial behaviour, lobbying services that provide a voice for the South Bank business community and initiatives to reduce operating costs for members. Members can also be involved in the running and designing of the BID services by volunteering to be a member of the BID company board.
How much does the BID cost for businesses?
Businesses with a rateable value of over £50,000 pay an annual levy of 1.15% in 2021/22. The annual levy for the BID’s second term in 2019 commenced at 1.12%, and is inflated by 3% year on year, meaning it will be 1.15% from April 2021, 1.18% from April 2022, and so forth. Charities qualify for an 80% reduction and businesses operating within Waterloo Station receive a 50% reduction. For very large businesses there is a cap of £30,000 levy on any individual hereditament or £40,000 on any individual business.
South Bank BID area
I STILL HAVE SOME QUESTIONS …
We are here to answer your questions and explain what the BID has continues to delivered for businesses here in South Bank on a daily basis.
We are always happy to explain what the BID has achieved so far and intends to deliver, whether you are an existing levy payer, or a new organisation arriving in South Bank for the first time.
Please get in touch via email – email@example.com – or call us on 020 7900 6900. We’d love to meet you!