£3m to improve businesses in Wolverhampton
Around £3 million will be invested in Wolverhampton after businesses backed a proposal for the city to become a Business Improvement District (BID).
Almost 90 per cent of businesses in the city centre voted 'yes' in a ballot to see who was in favour.
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.
The vote gives the go ahead for the team to take forward a business plan, drive investment in the city centre and give local businesses a greater say in the way it is marketed, maintained and managed.
Up to £3m will be invested over five years, with the proposals coming in from next year onwards.
Nicholas Pitt, chair of the Wolverhampton BID Task Group and manager of the Mander Centre said: "This is a strong vote of confidence from the businesses who trade here and who clearly see the city's potential for change.
"The investment from local businesses will be used to improve our area, contribute towards a more successful and profitable future, making the city centre a better place for customers and businesses alike."
The BID ballot was run for 28 days in October and November, ending last week.
A majority of votes are needed for a BID to become official.
A task group of prominent businesses – including the Mander Centre, Beatties, Primark, Boots, the Grand Theatre and the Light House – will be responsible for making key decisions for the BID.
Cherry Shine, BID director, added "For the last year businesses have been working incredibly hard to make sure that the BID proposal demonstrated the changes needed to put the city back on track.
"On behalf of the Wolverhampton BID task group, I would like to thank all Wolverhampton city centre businesses and stakeholders in the city for their support throughout this process and for backing the BID.
"Our focus now is very clearly on putting all the arrangements in place for the start of the BID company and on delivering the business plan proposal, which businesses have helped design."
Around 700 firms could have their say through the vote.
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 firms paying up to £15,000 per year to be part of the scheme.
Currently six BIDs operate within Birmingham and there is also schemes in Manchester, Coventry, Leamington Spa and Nottingham.