Reading businesses vote in favour of two new BID plans to enhance town centre

Businesses in Reading have voted resoundingly in favour of two new Business Improvement Districts (BIDs), bringing millions of pounds of investment to the town centre for another five years.

BIDs are areas where extra services are provided such as events aimed at improving the experience for businesses, shoppers and staff. They are time limited to five years and the two new BIDs 2024 - 29 will replace the existing BIDs which finish at the end of March.

In Reading, BID projects have included the Eat Reading food festival and the Carnival of the World.
Reading has the Reading Central BID (since 2006), covering Broad Street and other parts of the centre.

There is also the Abbey Quarter BID (established in 2019), which is focused on the Abbey, offices located in the centre and the River Kennet.

Concerning the Reading Central BID, 88% of businesses and 93% of businesses by rateable value voted in favour of the proposals put forward by Reading's Economy & Destination Agency (REDA) - the economic development organisation, which manages Reading's two BIDs.

Meanwhile, at the Abbey Quarter BID, the result showed 95% of businesses by number and 97% of businesses by rateable value voted in favour of the proposals put forward by REDA.

Both of these results were up on the 2019 vote for the two BIDs.

"Businesses in Reading town centre have recognised the immense value that both BIDs bring to our business community," said Adam Jacobs, chair of REDA.

"These resounding votes in favour of creating two new BIDs for 2024-29 reflect the invaluable contribution of our BIDs to the economic and social wellbeing of our town centre.

"Our businesses have again voted for continued prosperity, innovation and an investment of £7.5 million in our town centre, their businesses and employees over the next five years."

Councillor Tony Page, mayor of Reading, added: "This vote is excellent news for Reading town centre, its businesses and everyone who uses the town centre. My thanks to the staff of REDA who have steadfastly looked after the town centre for the last five years.

"I know the council will play its full part in the 2024-29 BIDs, providing complementary services and working in partnership with business as our town centre continues to prosper and reinvent itself."

Over 900 businesses and organisations within the town centre’s two BID areas were balloted on the proposals. Turnout was 40% for Reading Central and 35% for the Abbey Quarter BID. In 2019, the turnout was 41% and 32% respectively.