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Derby city centre shops secure £1.4 million funding boost

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Derby city centre shops secure £1.4 million funding boost

The Cathedral Quarter is home to some of Derby's most prestigious streets, including Sadler Gate.

Businesses in a prominent part of Derby city centre have secured a funding boost worth more than £1 million to be spent over the next five years. Companies in the Cathedral Quarter have voted in favour of renewing the area's status as a Business Improvement District (BID), which has resulted in them guaranteeing £1.4 million in extra cash.

The renewal of Cathedral Quarter BID will commence on March 1, next year. Businesses with a rateable value - based on how much the property would cost to rent in the open market - of £2,000 or above will pay a levy based upon that value, creating a collective fund of more than £1.4 million to spend between 2023 and 2028.

The vote to continue the BID attracted the most support since the first in 2007 and follows months of planning, in-depth interviews, surveys and a month-long ballot. Hundreds of businesses in the area were asked to vote on the proposals.

It comes after a strong year for businesses in the Cathedral Quarter, after several successful initiatives in the area aimed at increasing footfall and encouraging shoppers to buy local, such as Celebrate Sadler Gate, a Jurassic Day Out in Cathedral Quarter and Friar Gate Friday. The plans were spearheaded and driven by a board of business representatives from across the city, supported by pfbb UK, who develop and deliver Business Improvement Districts across the country.

Speaking about the vote, Martin Langsdale, pf Raybould and Sons, and chair of the BID, said: "This is fantastic news for Cathedral Quarter and a huge congratulations must go to all the businesses which rallied and joined forces to ensure we secured a yes vote in our renewal ballot. Thanks must go to all those businesses that engaged in the process by sharing their ideas and opinions on how we can work together to improve the area and who, ultimately, voted in favour of the plans to support each other in these challenging and uncertain times.

"The BID’s business plan, which businesses were being asked to vote on, has been designed to address the issues which came up during the lengthy consultations with many of the businesses in the BID area, from the small independent businesses to large national businesses. The money will now be spent through the three key strategic objectives and their related activities."

The project team are now looking forward to delivering another five years of footfall-driving events and other initiatives that benefit the levy-paying businesses in the area.

Written by Daniela Loffreda - Derbyshire Live.