(Title Image: CF31/Business Improvement District)
Businesses in Bridgend town centre have rejected renewing the Business Improvement District (BID) for a second term.
The BID, led by the CF31 company, will now be wound-up after three years. Both Bridgend County Council and Bridgend Town Council supported a renewal.
The results, which were announced yesterday, were 39 votes in favour and 42 against, while the total rateable value of the businesses in favour was just under £2.35million and those against £3.28million. A majority of votes and rateable values in favour was required for the BID renewal to be approved.
The current squeeze on retail and a proposed increase in the levy were suggested as possibly playing their part in the shock result.
“We are of course very disappointed not to get the renewal through. It is a very difficult time for retailers and I think a key factor is due to the economic climate, we are in a situation where businesses simply can’t afford additional costs.
“The Company has had some great successes over the last three years such as the work done to secure reduced car parking charges and supporting and managing events which brought many people to the town including the Roots Festival and Dinosaurs in Town.
“We wish Bridgend town centre all the best in the future and thank our investors for the support shown in the last three years.”
– Manager of CF31 Ltd, Justin Jenkins