WeAreWaterloo BID wins fourth five-year term

Firms in Waterloo have voted to give the WeAreWaterloo business improvement district a fourth five-year term, generating around £700,000 a year to spend on local projects.

In 2006 businesses in North Lambeth voted to establish the BID. Two years later it became London's first cross-borough BID when it expanded across the Southwark boundary to take in the eastern end of The Cut and part of Blackfriars Road.

Later extensions saw the BID expand from its core area around Lower Marsh and The Cut to take in the London South Bank University campus and the Imperial War Museum.

This month WeAreWaterloo won a further five-year mandate to run till 2026, with 92 per cent of votes cast in favour of continuing the BID, with a 43 per cent turnout.

This compares to a 61 per cent turnout at the last vote in 2016.

"We are delighted with the support received from our local business community during what is an undoubtedly uncertain time for many," said chief executive Natalie Raben.

"The team are committed to assisting members navigate 'the new normal', whatever that may look like, and are investing time and resources into welcoming workers and visitors back to a bright, cheery, safe and clean Waterloo as soon as it is safe to do so."

BIDs are funded by a levy on business rates and can only be established where local firms give their backing in a formal vote. WeAreWaterloo expect to raise around £3.7 million over the next five year term.

Members of the WeAreWaterloo team updated local residents on the BID's plans for the next few years at a recent South Bank & Waterloo Forum meeting.

Tags: Business, Waterloo, Lambeth, Southwark

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