New director found as city centre company charged with improving Wolverhampton axed

But a new £45,000-a-year director has been found to lead the new Wolverhampton Business Improvement District (Bid), which is being funded by a levy on firms within the city's ring road, Chapel Ash and down to Molineux.

The Express & Star has learned that WV One, the company funded by the city council and businesses to 'assist with the economic growth and development' of the city centre, is being wound up and its three staff are being made made redundant.

They include former city centre manager Kim Gilmour, who has held the post of city centre manager since 2008.

Nicholas Pitt, manager of the Mander Centre and chairman of WV One, said the £100,000 a year funding had been withdrawn.

However, the Bid director will manage a budget of £600,000, £3m over five years, funded by the levy on businesses which rises based on the size of their operation. Firms have already voted on whether or not to go ahead and decided in favour.

The Bid will fund late night safe havens for revellers, parking incentives, promotion of the city and work to reduce business costs.

Mr Pitt said: "WV One ceases to exist which was always going to be the case with the Bid.

"The Bid will be tasked with marketing the city and working with businesses towards a vibrant future.

"Any roles available through the Bid will be open to WV One staff to apply for.

"The city greatly appreciates the work they have done and wishes them every opportunity for the future."

Last week a report commissioned by Wolverhampton City Council found the city was at risk of losing shoppers, families and business visitors unless it addresses its drinking culture and lack of attractions.

According to retail experts, the city centre is in desperate need of more restaurants and is missing 25 of the top 100 national shopping brands such as Superdry, Monsoon and Laura Ashley.

It currently has 17 per cent of shops empty – while the national average is 10.6 per cent.

And Wolverhampton also suffers because it does not have a proper car parking plan, the consultants Bruton Knowles and HollissVincent state.

The council says it has 'exciting' plans to regenerate the city centre.

Wolverhampton will now become the first Bid in the Black Country and join more than 180 which have been set up in the UK since 2005 when it launches on March 26.

Around 700 firms were able to have say through the vote last year.

Businesses paying £10,000 rateable value or above will pay an additional tax levy, based on 1.5 per cent of their business rates.

It could lead to some businesses paying up to £15,000 per year to be part of the scheme.