Coventry Best 4 Business

The Coventry Best for Business BID (Business Improvement District ) was established with one over-riding vision: to make Coventry the best place to do business. The BID was a long time in the planning and arose directly from what businesses were repeatedly saying in surveys: 

• Competition is increasing

• Need to constantly try and reduce operating costs

• Poor image of Coventry having a negative effect on staff retention and recruitment

• Desperation for businesses of all sizes to have a stronger voice in local decision making.

• Need to keep up with the impact of technological advances

• Need for greater support and easier access to relevant advice.

The private organisations, CV One Ltd and Coventry & Warwickshire Chamber of Commerce, began looking at these issues in more detail, evaluating potential solutions to each and assessing the best route to achieve these solutions. The BID route was chosen primarily because: it is business-led from its initial establishment right through to its operating and management; it’s a very fair system – everyone who pays, benefits and only those who pay are entitled to vote in the BID ballot; and it has a proven record of success – in the US, elsewhere in the UK and even in Coventry City Centre where a separate BID has been in operation since 2005.

The Coventry Best for Business BID covers just over 2,500 businesses either located on around 80 business parks or industrial sites within Coventry, or are businesses with a rateable value of over £200,000. The BID levy is calculated as £208.60 plus 1.565% of rateable value. The ballot took place in February 2007 and, as the result was in favour of the proposal, the BID came into operation on 25 October 2007.

Read about the Benefits of being a BID levy payer