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Double coup on BIDs and £7m for Bournemouth


Bournemouth has claimed its place in the history book on the development of business improvement districts (BIDs) in Britain, on two counts.


It is is the first town to develop simultaneous BIDs with both being voted through at the same time, and the Coastal Districts’ BID has the largest continuous geographical area of any BID in the UK, running for seven miles from Westbourne through the West Cliff, East Cliff and Boscombe to Southbourne and Hengistbury Head.


During the next five years, the two BIDs will be investing £7 million in the local economy.


Core funding comes from the 585 eligible businesses in the Town Centre BID and 780 eligible businesses in the Coastal District BID.


In addition, the steering groups anticipate they will be able


Bournecoast managing director Des Simmons


to lever an additional 30% through voluntary contributions, sponsorship and matched funding for specific projects.


“We’re delighted that after all the input we’ve had during the development phase from


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hundreds of local businesses, the BIDs have been voted through by the very firms that will be core-funding them over the next five years, including our family business of Bournecoast,“ said Des Simmons, managing director


Simmons continued: “This vote for both the BIDs is great news for Bournemouth and indicates our business community’s belief in the resort and its commitment to investing its own resources in building on the town’s successes for years to come.“


Government supplier insolvencies jump 26%


The number of public sector- focused businesses going bust jumped by 26% in the last year to 443 in 2011 up from 353 in 2010, according to top-25 accountancy firm Wilkins Kennedy.


The firm, which has offices in Winchester and Romsey, says businesses that are focused on supplying the public sector are suffering both the immediate impact of government cost cutting already announced and from worries over how future cuts will fall.


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Anthony Cork, partner, said: “Public sector suppliers that have run into trouble are finding it very hard to turn things around. Lenders don’t want to provide them with more debt and shareholders are reluctant to dig into their pockets to put in more equity.


“We are continuing to see high levels of insolvencies, particularly in the care home sector which is especially vulnerable to local government cuts.“


Cork explained that strong public sector spending over the past decade encouraged private sector suppliers to take a high risk/high reward approach to building up their businesses using substantial amounts of debt.


In the 10 years to 2010-11, public sector spending increased from 36% of the UK economy to 53% of the UK economy. Cork added: “That massive increase in public spending is going to take some time to unwind. Even though there are signs of the economy recovering we expect to see those companies that are dependent on public sector contracts to feel the pain of cost cutting for some time.“


Wilkins Kennedy pointed out that the chancellor used his latest Budget to clarify that significant cuts in public spending would continue until 2016-2017.


Cork said: “While the shake-up in public spending might see some winners there will be far more losers.“


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JUNE 2012


of Bournecoast and chairman of the Coastal Districts’ BID steering group.


Added Tony Brown, chairman of the Town Centre BID and CEO of Beales: “The fact that we have been able to develop these two BIDs in parallel and bring them to fruition simultaneously is a wonderful reflection on the co- operation and support we have had throughout this process.“


The Coastal Districts’ BID will focus on attracting visitors to the town for longer and to see more by encouraging them to visit more of the coastal strip, particularly outside the main summer season.


Many local firms agreed to make voluntary contributions to the new BIDs before formal approval was announced.


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