Newham

Business investment in Stratford Town Centre welcomed by Newham Council

24 November 2014 in Business and Mayor
A decision to create a Business Improvement District (BID) which will generate £1.2 million of private sector investment for Stratford Town Centre has been welcomed by Newham Council.
Local traders put forward a proposal for the BID, a privately funded, business-led organisation which aims to improve Stratford Town Centre for its businesses. All businesses within the proposed BID area were invited to vote on the proposal with 101 taking part. Of those, 72 businesses voted yes representing 67 per cent of the total rateable value of all the properties that voted.

The BID must provide services over and above those offered by the local authority and other statutory agencies. An agreement will be made with Newham Council which will legally establish what the local authority already delivers and the BID will monitor this agreement.

The full BID term will last for five years from April 2015 to 2020. Nearly 250 businesses with a rateable value of more than £10,000 will contribute a levy equal to 1.5 per cent of their business rates every year to the BID. This will generate more than £1.2 million of private sector funds which will be reinvested back into Stratford Town Centre.

Sir Robin Wales, Mayor of Newham said: “It is great local businesses have voted in support of the Stratford Original BID. It will be a catalyst for further investment and strengthen the area’s ability to compete with other London high streets. The council is committed to working with our local businesses to ensure Stratford Town Centre is a thriving retail and leisure destination and we look forward to working with the BID to achieve this.”

Carol Richards, chair of Stratford Town Centre Forum (STCF) and member of the Stratford Original BID steering group said: “As chair of STCF, I know there are many projects that could really improve Stratford Town Centre. We now have an organisation and funding place to make these happen.”

Cathy Low from Stratford Original Steering Group said: “We would like to thank all the businesses for their support throughout the campaign, for having confidence in Stratford Original and for voting ‘Yes’. We could not have achieved this without their backing.”

The Stratford Original BID proposal, which sets out the BID’s 10 pledges can be viewed online at www.stratfordoriginal.com