Partnership Is a Catalyst for Business Growth in Hatton Garden 1 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 2

HATTON GARDEN BID PROPOSAL

Partnership is a catalyst for business growth in Hatton Garden 1 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 2

Chairman’s Foreword

A vote in favour of the As Chairman of The Hatton enhance the physical environment while preserving the distinct character of the area; and we will drive down BID will unlock around Garden BID, I am delighted to business costs using collective purchasing power to £2.5 million of investment present our proposed Business deliver savings to your bottom line. for the area over the We have been encouraged by the positive response Improvement Plan. we have received from many businesses across all next five years, which sectors within Hatton Garden. The Business Plan has been This BID represents an incredible opportunity for all written to highlight the areas that you, the members of the diverse businesses situated across London’s will enable business of the business community, have identified through historic jewellery quarter, to drive forward a powerful consultation as priorities that need to be addressed. This growth and deliver your agenda of transformation and improvement. Working Business Plan sets out the proposed projects we would collaboratively, the BID offers local stakeholders an aspirations for the area. implement as a BID, pending a successful ballot in June / outstanding opportunity to invest in a better future, July 2016. enabling all sectors to benefit from the improvements and the predicted commercial growth of the Hatton In summary, the aims of the BID are simple; it will enable Garden area. the business community to have a strong voice and provide a sound mechanism to make Hatton Garden a I am particularly proud of the area’s jewellery heritage better place to work, live and visit, something I am sure but also how the area is evolving and the diverse and we all agree, is exactly what we need. thriving companies Hatton Garden is attracting. I am similarly excited about new opportunities on the horizon such as Crossrail and the tourist boom we are seeing across London. We are well aware however, of some of the challenges facing the area, partly driven by the rapid change we are seeing locally, but also as a result of poor public realm and rising competition from business improved areas across London. Gary Williams, Chairman Through a partnership approach with the London The Hatton Garden BID Borough of Camden, the Greater London Authority and other statutory bodies, the business community will have a stronger and more influential voice to develop and Contents shape the Hatton Garden agenda.

Chairman’s foreword 2 Together we will act as a custodian of the area and lobby on behalf of the business community; we will Vision for Hatton Garden 2016-2021 3 How do we know what Hatton Garden needs? 5 The BID offer 7 The BID board and governance 11 “I am convinced that a BID, in which businesses work together to fulfil a set of planned The BID budget 13 improvements, is the best vehicle for enhanced environment and business growth in Who will pay the levy? 15 Hatton Garden.” How will you benefit? 16 Boundary map 17 What happens next? You vote 18 3 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 4

Why does Hatton Garden need a BID?

There is more competition Businesses in areas neighbouring Hatton Garden, most recently Farringdon and Clerkenwell but also Inmidtown than ever across London and which incorporates Bloomsbury, Holborn and St Giles, have established BIDs and are already working to Business Improvement Districts promote and improve these areas. Now is the time for (BIDs) are playing a crucial role Hatton Garden businesses to seize this opportunity to ensure this area keeps pace as London continues to VISION in promoting key destinations grow and competition among districts increases.

and supporting business growth Hatton Garden benefits from a rich and diverse mix of businesses, and of course is home to London’s historic across the capital. jewellery quarter. Major multi-national corporations thrive alongside small start-ups and bustling creative industries. There are now more than 50 BIDs in London and they Businesses have long been attracted by the excellent are delivering significant benefits to the businesses FOR transport links, which are set to be further enhanced with they represent. From transformational public realm the arrival of Crossrail in 2018. As a location however, enhancement projects, to supporting small businesses, Hatton Garden suffers from pockets of poor public realm, making areas safer, cleaner and more pleasant places poor pedestrian connectivity and inadequate signage. to be and creating vibrant, attractive destinations for businesses and leisure visitors alike – BIDs are a proven As a business collective we will deliver a powerful vehicle to drive improvement, change and innovation. agenda to address these issues and more. The vision of the Hatton Garden BID is to see the area further realise HATTON With the ever contracting public purse, the private its potential. We want to see Hatton Garden grow as a sector is having a greater say on how the public realm world-renowned business and visitor destination through is managed. More than simply ‘improving’ areas, BIDs catalysing the revitalisation of the area, enhancing its are now powerful business alliances with the private iconic status as London’s famous jewellery quarter and sector coalescing around shared social and economic developing the experience of working, living, doing regeneration goals. Able to raise funds through a levy business and visiting the area. GARDEN paid by local businesses, BIDs are also able to leverage additional investment to deliver tangible improvements. A BID is able to invest in priority projects in a geographically defined area by raising money through the business community it represents. Businesses are asked to make a financial contribution via a small levy determined by the rateable value of the business. All 2016-21 eligible businesses are given the opportunity to vote on the proposals and if there is a majority ‘yes’ vote, the BID is mandated and all businesses are charged the additional levy. All income generated is spent exclusively in the defined area and spent solely on projects determined by the local business community. Making sure businesses have a say in the future of this area! 6 5

5 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 6 23

38 56 72 Your business priorities

Public realm Enhancements to look improvements and feel of the area 6 6 5 5 6 6 5 5 23 23 23 23 38 5638 56 38 5638 56 72 72 How do we know what 72 72 8 Hatton Garden needs? 20 23 Hatton Garden BID Development Team has undertaken extensive consultation with local businesses, major landlords, 56 London Borough of Camden, Transport for London and Crossrail to build a picture of what is desired and what could Employment, Enterprise6 and 2 be achieved. Preservation of speciality clusters Area promotion An extensive consultation exercise, Perception Analysis, was undertaken between January and February 2016 to obtain the views and opinions from businesses in the proposed BID footprint. Gauging views and priorities, whilst understanding the key issues for businesses and occupiers in the area, forms an important step in the consultation 8 8 process of moving towards potentially becoming a Business Improvement District. The consultation also canvassed 8 8 20 20 for additional ideas on projects and services that businesses would like to see delivered in the area. 20 20 23 23 23 23 56 56 The Perception Analysis gathered responses to five key areas: 6 6 2 562 56 6 6 2 2 • Employment, Enterprise and Preservation of speciality clusters based in the area • Public realm improvements

• Area promotion Very Important omewhat Important ot Important • Enhancements to look and feel of the area • Business awareness Very Important Very Imopmoertwahnat t Importanot mewhat Imopto Imrtapnotrtant ot Important Very Important Very Imopmoertwanhtat Import%anot mewhat Imopto Irmtapnotrtant ot Important “I have been involved in BIDs throughout Central London for 15 years and I have witnessed for myself the of those individual businesses who substantial commercial benefits they deliver for local businesses. From financially rewarding networking, money participated in the Perception Analysis saving joint procurement initiatives, public realm enhancements and employee support programmes producing agreed in principal that a BID is the greater staff retention - BIDs are making a real difference. I hope that the local business community of Hatton best vehicle to address the business Garden will seize this fantastic opportunity.” Alistair Subba Row, Farebrother Chartered Surveyors 85 priorities in the area. 7 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 8

Your priorities. Our objectives.

The BID will only provide Overarching objectives of services that are identified the Hatton Garden BID and determined by the local Working with partners we will: business community. The BID does not affect the level or Act as a custodian of Hatton quality of service provided by Garden, promoting it as a the local authority. desirable place for business and leisure Projects and Services have been developed for each priority area. The estimated £2.1 million raised via the Engage with decision makers THE BID levy during the first term will be invested into these projects and services. and lobby on behalf of the

This document brings business aspirations together under business community on matters four areas of activity: that are important to you

• Better connected and represented Enhance the physical BID • Area promotion and profile raising environment to improve the • High quality public realm Hatton Garden experience for • Enhanced environment all: employees, business and OFFER Shouldn’t the Council be leisure visitors paying for this through Use the BID’s collective business rates? purchasing power to drive There is no link between the amount of business rates down business costs collected by the Council and the amount it receives back from Central Government to deliver services in the area. A BID, in comparison, generates revenue that Support the jewellery industry as is 100% ring-fenced for the area in which it is collected, it’s beneficial for the character of to be spent on projects for the benefit of businesses that pay the BID levy as determined by the businesses the area as well as for jewellery themselves. All services provided by the BID will be additional to those provided by the Council. makers, designers and retailers

Additionality is ensured through the production of a ‘Baseline Agreement’ with the Council to set out the standard level of service that is already provided for the “The Hatton Garden BID will build a strong alliance with local businesses, securing long term benefits for the area. BID area. This ensures that the BID levy only funds services As a BID we will be better able to improve and develop this historic part of London, benefitting the jewellery and projects over and above this level. industry and all who chose to call Hatton Garden home.” Victoria McKay, London Diamond Bourse 9 Hatton Garden BID Business Plan An area that Hatton Garden BID Business Plan 10 excites and delights Better connected and High quality public realm represented Public realm is critical to Hatton Garden and widely recognised as something that needs improving. Spaces Hatton Garden has a fantastic local culture and diverse can make a place more welcoming; public areas that business community, but there is more to be done to people can navigate and enjoy, and where possible maximise the potential of this unique mix by facilitating stop, socialise and eat, are an important part of making collaborative working and helping each other to succeed. an area special. In the consultation you told us that you wanted better relationships with other organisations in the area, a focus Hatton Garden is one of the capital’s best-connected on business efficiency and productivity delivering savings business areas. And with £250 million investment in on your overheads, an employee benefits programme to Farringdon Station, the transport infrastructure in the Area promotion and Enhanced environment aid staff satisfaction and up-skilling local employees and area will be vastly improved. With so much to offer profile raising residents for the advantage of your business. already and an expected increase in footfall once the Well maintained public realm is a strong reflection on Farringdon Station upgrades are complete it’s imperative the surrounding business community and imperative in A BID will help you to benefit from a joined-up approach Placing culture and area significance at the heart of making people feel welcome, safe and proud of their that the business community has a voice in deciding future development ensures that the heritage and and each other’s services and expertise; this will ensure what happens in those spaces between privately area. By 2017 central government cuts will have almost everyone feels part of a local economy and community identity of the area are maintained, nurtured and cut Camden Council’s budget in half, meaning that owned buildings and land. It’s no coincidence that the promoted. Hatton Garden is blessed with a distinct which is sustainable and full of prospects. Hatton Garden perception analysis identified that much more needs to business improvement districts like Hatton Garden will BID will represent the business community ensuring that heritage which needs to be recognised in a more need to lobby harder and work more efficiently to keep be done to make the experience of finding your way strategic way if we are to enjoy the benefits and grow business interests and input are recognised on a local around the area and spending time here more enjoyable. areas well maintained. level. The BID will seek to manage and coordinate the as an area. area, keeping you up-to-date with what’s happening on The BID will develop a public realm strategy that meets Hatton Garden BID will work closely with the Council to your doorstep and seeking to minimise the disruption of In the consultation you told us that further profile raising manage and maintain the area to a high standard. The these challenges and takes advantage of opportunities by of the area is critical to increasing success for your development to your business. working closely with private landlords, Camden Council, BID will complement the Council’s service provision to business; a BID in Hatton Garden would boost image provide additional street cleaning and deep cleaning of Transport for London and Crossrail. We want to position the and footfall, engaging with local workers and visitors, Hatton Garden business community as a unified collective ‘grot spots’ over and above the statutory baseline level. The BID will: and promoting Hatton Garden in print, online, through Further to this, the BID will also work with businesses and that leads on conversations about public realm projects live events and high profile arts projects. In order to with our partners so that improvements can be specifically other stakeholders to better co-ordinate the collection of • Facilitate networking opportunities and position our area as the leading creative business district tailored to business’ needs. commercial waste resulting in a cleaner area and better presentations on key new developments such and raise the profile of the London Jewellery Quarter we economies of scale in waste contract negotiations. need to work collectively and showcase the assets as Crossrail and Farringdon regeneration Ultimately, our goal is to improve Hatton Garden with we have in the area. Lastly, a greater focus will be taken on safety and • Establish Steering Groups for the jewellery and better public realm, way finding and greening, so that security in terms of complementing the existing security creative industries based in the area workers and visitors alike remember Hatton Garden, not just because of its offer, but because it is a welcoming provision in the area and a full review of the current • Support local employees: welcome packs, The BID will: and pleasant place to be. street lighting levels across the area will be carried guided tours, lunchtime talks, exclusive offers out with a view to lobbying Camden Council for • Run an inspirational PR campaign promoting the improvements where they are needed. • Develop a retail strategy for Hatton Garden The BID will: area’s heritage and modern day vibrancy • Showcase the creative skills and talent in • Deliver events and cultural festivities, including the area • Improve signage and way finding around festive lights The BID will: the area • Offer professional development events to • Produce collateral to promote assets across the • Improve street furniture (planters, seating, improve employee and business skills • Create more communal green spaces area: magazine / gift guide / newsletter / maps street lighting) • Identify opportunities for joint procurement / • Commission a Public Realm Strategy to attract • Deliver high profile arts projects to add to • Provide additional street cleaning (on top of efficiency savings: recycling, utilities public and private sector investment to the area character and vibrancy of the area, drive footfall the Council’s baseline service) • Set up a programme of B2B mentoring / sharing • Lead conversations with bodies such as • Track, collate and share vital business intelligence • Deep clean in particular ‘grot spots’ best practice Camden Council and TfL on major regeneration such as footfall and business performance • Manage apprenticeship and sponsorship projects in the area – advocating for Hatton • Facilitate better air quality initiatives opportunities across the area Garden to benefit from investment • Provide monitoring and reporting of • Respond to planning applications shaping the environmental issues future of the area • Work with businesses and other stakeholders to better co-ordinate the collection of commercial and residential waste resulting in cleaner streets 11 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 12

The BID board and governance

Hatton Garden BID is a not-for-profit company limited by How can I get involved in the guarantee and it is anticipated that once the outcome of the ballot is announced, a revised governance running of the BID? structure will be agreed.

The BID will be governed by a board of local businesses, All BID levy payers will be invited to become a Member representative of the business sectors across Hatton of the Company. Company Members may subsequently Garden. Observers will be invited from the local nominate themselves for directorships in their relevant authority, the GLA, TfL, and the police. An executive sector or to sit on one of the BID’s steering groups. team would be appointed to deliver the projects and services agreed in the BID proposal.

The BID board will be made up of representatives from across all sectors within the BID area to ensure balanced “A BID will see all businesses collaborating for representation around the table. Services on the board the greater good - attracting more people, will be made on voluntary basis and the chairperson entertaining (and retaining) local employees, will be nominated by the board on a 2-year basis. The and ultimately, working together to make this board will be supported by a number of steering groups place as good as it possibly can be.” to oversee the delivery of activity. The themed steering Angus Boag, Workspace groups will represent the wider stakeholder community and be chaired by a board member with an allocated budget for expenditure. It is proposed that both the BID board and steering groups meet on a quarterly basis. The BID finances will be independently audited and reviewed each year and this will be presented at the AGM.

“A BID will be a champion for the area and more effectively promote Hatton Garden as a world class destination and crucially, London’s historic jewellery district. This will not only benefit the many makers, highly skilled craftsmen and women, designers and retailers here but all businesses will benefit from being part of a thriving, creative community with a strong identity and unique character.” Amanda Mansell, jewellery designer 13 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 14

The BID Cost to budget your business

Over the course of the BID term, up to £2.1m in BID levy will be raised and spent solely for the benefit of the BID area. The table below sets out the indicative levy payable for In addition, the BID works hard to use your money to lever in additional investment to the area – both additional cash businesses depending on their rateable value in the first match-funding in the form of grants, sponsorship and voluntary contributions – and also through influencing large- year of the BID: scale investment of public funds into the area on public realm projects and additional services.

Income 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 Total RATEABLE VALUE ANNUAL BID LEVY (6 months)

Levy income £179,954 £359,908 £439,197 £514,948 £587,516 £2,081,523 £35,000 £350

Voluntary £100,000 £1,000 £35,000 £70,000 £75,000 £80,000 £90,000 £350,000 contributions £500,000 £5,000 Total £214,954 £429,908 £514,197 £594,948 £677,516 £2,431,523 £1,000,000 + £10,000 (capped*) Expenditure 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 Total (6 months)

Better connected *An upper cap of £10,000 will be set on the BID levy payable. No single £30,000 £60,000 £80,000 £100,000 £122,000 £392,000 hereditament will have to pay more than this amount. and represented Area promotion To calculate the proposed annual BID levy, simply £40,000 £80,000 £108,000 £123,000 £138,000 £489,000 and profile raising multiply the business rateable value by 0.01. If you’re not sure what your rateable value is or how much your levy High quality £40,000 £80,000 £81,000 £90,000 £99,000 £390,000 public realm would be, please get in touch with the BID team. Enhanced £50,000 £100,000 £117,000 £133,000 £150,000 £550,000 environment Management £44,954 £89,908 £103,197 £120,448 £136,516 £495,023 and overheads* Hatton Garden BID will invest £2.5million between 2016 and 2021

Contingency £10,000 £20,000 £25,000 £28,500 £32,000 £115,500 on the improvements outlined in this plan. The BID will aim to secure a minimum of £350,000 from public funds and the private sector to Total £214,954 £429,908 £514,197 £594,948 £677,516 £2,431,523 complement the BID levy.

*Management and overhead costs are met firstly through the voluntary contributions generated by the BID, minimising as much as possible a commitment from the BID levy funds.

A BID levy collection rate is assumed to be 95%. The Once the BID is fully operational, changes to budget BID levy collection fees and BID running costs (such priorities will be made by the BID Board General Meeting, as legal and accountancy services) are also shown in or an AGM, to which all Businesses will be invited. the budget. The budget is based on the BID’s first term running for 4.5 years to bring the BID in line with the Fiscal Year.

London Borough of Camden is responsible for covering the cost of ballot to ensure it is carried out “Derwent London is delighted that the Hatton Garden BID will be putting significant resources into enhancing fairly and democratically. the area on a concerted basis. These should achieve longstanding improvements for current and potential occupiers, and ensure the area fully benefits from the current record levels of investment and increased visitor numbers.” Rich Oliver, Derwent London 15 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 16

Who will pay How will you the levy? benefit?

The BID process is governed by Government Legislation • Charitable organisations that are subject to relief on Hatton Garden’s mixed sector base is a real asset for the Leisure and Hospitality and Regulations. As such, once a majority vote has their business rates liability are exempt from the levy. area. A BID will work to support all the businesses in the been achieved, the BID levy becomes mandatory area, working closely with the business community to • A joined up marketing and PR strategy to promote the • Hereditaments within Ely Place / Ely Court will be on all ratepayers with a rateable value above the understand the commercial drivers for different sectors visitor offer at Hatton Garden, with a particular focus exempt from paying the levy. A list of those businesses threshold set below. and challenges facing the area. The following sets out on the unique retail offer is available upon request. what we aim to achieve for each sector: • Improved way finding around the area to make it • The owners of untenanted hereditaments will be liable easier for people to navigate their way around Hatton The rules for the BID levy are for payment of the levy with no void period allowed. Office Occupiers Garden as follows: • If, during the BID term, the rateable value assigned to a • A strong business voice on issues that matter to you • The opportunity to reduce operating costs through joint hereditament falls below £35,000 for whatever reason and have the potential to impact your bottom line procurement, recycling, recruitment and other services • The BID levy will be based upon the rateable value in (either through physical change, change of use, or revaluation arising from the adoption of the 2017 • An enhanced, cleaner and safer environment that effect on 1st October 2016. Educational institutions Ratings List), the hereditament will be exempt from the improves the area for visiting clients and staff • The term of the BID will be for a period of 4.5 years from levy from the next chargeable period. 1st October 2016 to 31st March 2021. • Projects to facilitate networking, business collaboration • Training, employment and development opportunities • If, during the BID term, a hereditament with rateable and business development opportunities, encouraging encouraged and facilitated between business and • Only businesses with a rateable value of £35,000 or value which had previously been below the £35,000 greater staff retention and stimulating growth academia more will be liable for payment of a levy. threshold is assigned a new rateable value which is • Provision of services and facilities for the student Retailers • The levy rate to be paid by each hereditament above £35,000 for whatever reason (either through population (rated business unit) is to be calculated as 1% of its physical change, change of use, or revaluation rateable value. arising from the adoption of the 2017 Ratings List), the • Branding of the area as London’s jewellery quarter and • A vibrant, safe and clean environment offering an hereditament will be liable for the levy from the next initiatives to increase footfall and dwell time enhanced student experience in Hatton Garden • The number of hereditaments in the BID footprint liable chargeable period. for the levy is estimated at 320. • A cleaner and safer trading environment for Hatton • The rating revaluation proposed for 2017 has been Garden retailers • The levy multiplier may be increased by the fixed rate taken into account when setting the levy multiplier. of inflation of 2.5% per annum (Year 1: 1%; Year 2: 1%; • Promotion of an enhanced, more diverse retail offer Levy billing will mirror the normal NNDR system. Year 3: 1.25%; Year 4: 1.5% and Year 5: 1.75%). The which will support London’s historic jewellery quarter board will assess if any increase is appropriate giving Consideration has been given to the British BIDs Industry careful consideration to economic climate. Criteria and Guidance Notes 2015 when formulating the • The levy will be charged annually in full for each BID Levy Rules. chargeable period to be April to March each year, BID membership by sector first payable in October 2016, and then annually each April. No refunds will be available on levy charged. The ther retail levy must be paid in one payment. 6 • There is no VAT charged on the BID levy. ducational InstitutionCharityublic ector 7 • The maximum levy amount per hereditament will be capped at £10,000 for the top biggest levy payers. 8 eisure and Hospitality

16 ewellery sector of which 31 are ffice occupiers and 6 etailers A BID will 63 ffice occupiers benefit all sectors 17 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 18

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8 nominationo form to the Electoral Reform Services hereditaments (rateable business units) r 4 0 T 3 H SD Sub Sta y 9

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Gray's Inn Gardens H o o 3 a Johnson Building 3 R

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8 BALLOT CLOSES: 14 JULY 2016 – BALLOT PAPERS 4

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33 9 5 34 to 36 14 to 18 4 to 13 b 9 TCB 15 w General Market 37 to 3 0 147 a

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Celcon t 1 m o y 6 t 4 L Hatton Garden BID streets 1 include: 4 o 7 O 0 E

House A f t TCBs Statue S I

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3 I 1 r L n N y 9 S L e 37 BEAUCHAMP STREET DORRINGTONFn STREET HATTON PLACE PORTPOOL LANE 1 E H Gresham l 0 L 15.3m o s

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I 6 t e n S 2 8 s 2 D S 5 d U U B 3 R N 5 C LB O T “We love being part of the Hatton Garden community but it is vital that we invest in our area. The Hatton Garden O 4 6 T 3 Barnards 16.8m

P 6 4 0 5 9 W C 3 Inn 2 2 M 8 R HA 4 BROOKES COURTT ELY PLACE* KIRBYa STREET ST CROSS STREET U 4 Thavies Inn House O 8 S 4 BID will ensure that business plays a fundamental role in ensuring this area fulfils its potential, working collectively BROOKE’S MARKET FARRINGDON ROAD N LEATHER LANE VERULAM STREET © Crown copyright and database rights 2016 OS 100019726 to position Hatton Garden as a vibrant and dynamic location, benefitting businesses and leisure visitors alike.” BROOKE STREET GRAY’S INN ROAD W LEIGHE PLACE Print Date: Neil Crump, Aurora Comms CHARTERHOUSE STREET GREVILLE STREET S LILY PLACEScale 1 : Printed By: Map Ref No:

* Certain exemptions apply, please see page 15 for more details. 19 Hatton Garden BID Business Plan

www.hatton-garden.london

Hatton Garden BID Development T 020 3817 6294 E [email protected] @hattongardenbid