Partnership Is a Catalyst for Business Growth in Hatton Garden 1 Hatton Garden BID Business Plan Hatton Garden BID Business Plan 2
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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 “IamconvincedthataBID,inwhichbusinessesworktogethertofulfilasetofplanned The BID budget 13 improvements,isthebestvehicleforenhancedenvironmentandbusinessgrowthin 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 Somewhat Important Not Important • Enhancements to look and feel of the area • Business awareness Very Important Very ImSopmoertwahnat t ImportanSot mewhat ImNopto Imrtapnotrtant Not Important Very Important Very ImSopmoertwanhtat Import%anSot mewhat ImNopto Irmtapnotrtant Not 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 substantialcommercialbenefitstheydeliverforlocalbusinesses.Fromfinanciallyrewardingnetworking,money participated in the Perception Analysis savingjointprocurementinitiatives,publicrealmenhancementsandemployeesupportprogrammesproducing agreed in principal that a BID is the greaterstaffretention-BIDsaremakingarealdifference.IhopethatthelocalbusinesscommunityofHatton best vehicle to address the business Gardenwillseizethisfantasticopportunity.” 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: