It has been announced this week that CF31 BID, the independent management company for Bridgend town centre, will not be continuing for a second term after businesses within the town centre voted not to renew the Business Improvement District (BID) in a recent ballot.
Businesses within the BIDs geographical area were given a 29-day period in which to cast their votes for or against the continuation of CF31 BID for a further five years from September 2019.
81 votes were cast, 39 voted in favour and 42 against the BID continuing until 2024. The rateable value of businesses/organisation that voted for a continuation was 2,347,350 of an overall rateable value of 3,280,700. The Company required a minimum of 50% to vote in favour of the BID, with more than 50% of the aggregate rateable value of those that voted.
Justin Jenkins, BID Manager of CF31, commented:
“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 achieved some significant successes over the last three years such as supporting and managing events which brought many people into 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.”
The Company will now begin the winding up process and all services will stop with immediate effect.