The businesses of Hatton Garden have voted overwhelmingly in favour of establishing a Business Improvement District (BID) to deliver improvements across the area.
Some 79% of businesses voted yes at the ballot (83% by rateable value), endorsing the £2.5m investment plan set out earlier this year by the Hatton garden BID team.
The BID will go live in October this year with the aim of seeing Hatton Garden grow as a world-renowned business and visitor destination. The bid team will work with partners to enhance the area’s iconic status as London’s famous jewellery quarter and develop the experience of working, living, doing business and visiting the area.
Gary Williams, chairman of the BID, said: “This is a fantastic result for the whole business community here in Hatton Garden. Clearly the businesses recognised the huge opportunity before them and have grasped it wholeheartedly.
“I am looking forward to bringing the business plan to life, injecting the £2.5m investment in the coming years and delivering the benefits to businesses across the area.”
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The Hatton Garden BID will focus on four priority themes and projects and services will be delivered across these areas, they are:
- Better business connections and representation for the business community
- High quality public realm
- Area promotion and profile raising
- Enhanced environment
An area-wide ‘public realm strategy’, new street furniture such as planters, seating and lighting, improved signage and air quality initiatives are just some of the projects that will improve the look and feel of the Hatton Garden area.
Networking opportunities, mentoring and training programmes and projects to showcase the creativity and skills within Hatton Garden will support businesses, protect the jewellery sector and position the area as a creative hub, while joint procurement programmes will save money for businesses in the area.
An important area of focus for the BID, which will be funded by a small levy (1%) on business rates and voluntary contributions, will be on giving the business community a voice on crucial issues such as Crossrail, which will have a significant impact on Hatton Garden when services start in 2018.
Additionally, a high profile PR campaign, marketing materials and cultural events and projects to add to the character and vibrancy of the area are included in the business plan.
In the coming months, the Hatton Garden team will finalise a BID board which will be representative of the business sector mix in the area, appoint an executive team and develop the work programme for the first term of the BID, which will run for four and a half years.
Victoria McKay, chief operating officer of the London Diamond Bourse, added: “I backed the Hatton Garden BID because significant, targeted and sustained investment will collectively benefit all the businesses in the local area over the next four and a half years.”