Businesses back Cressex Business Park £1million Improvement Plan
Businesses on Cressex Business Park have backed ambitious plans to create a Business Improvement District (BID) – an initiative led by Buckinghamshire Council.
The proposals will see a £1 million investment to enhance the business park over the next five years. Businesses voted in a ballot held during the past month and the results have been confirmed today.
A majority (65%) of the businesses voted in favour, representing 72% by rateable value, giving a good mandate for a first-time BID.
BIDs are business-led partnerships where a small levy is paid to deliver additional projects and services to benefit businesses in an area for a limited renewable period, usually five years.
Setting up a BID empowers businesses to undertake activities, projects and services that will make their business park or town centre more economically vibrant, increase footfall and support the creation of a safer, cleaner and greener town centre.
Helen Keats, Finance Director from Cressex based Smartcomm, and Chair of the Cressex BID Steering Group said: “The BID will give businesses a greater influence and control over how Cressex Business Park is managed, we plan to work closely with the council and other partners to create an environment for businesses that is cleaner, greener, safer and less congested.”
Cllr Rachael Matthews, Buckinghamshire Council’s Deputy Cabinet Member for Town Centre Regeneration, said: “This is great news and represents a major change in how Cressex Business Park is managed. I have seen the success from other nearby BIDs which the council initiated on Globe Business Park in Marlow and in High Wycombe town centre where businesses have just voted to renew High Wycombe Bid Co for its third term. We hope to see this replicated at Cressex. I believe the Cressex BID investment will enable a strong local partnership to deliver a sustained programme of improvements to ensure Cressex Business Park continues to attract new inward investment and create jobs”.
The Cressex Business Improvement District has been developed by local not-for-profit environmental trust Groundwork. Groundwork have been funded since 2019 by the council to support a steering group of businesses to develop the proposal.
Greville Kelly, BIDs Director from Groundwork said “The news of the BID’s approval is great for Cressex, Groundwork’s purpose is to support the communities we work to become more sustainable through changing places and changing lives for the better. Groundwork are looking forward to working with companies over the next 5 years as we deliver the projects and services that will be funded by the BID.”
The Cressex Business Park BID will start in October 2022 and concentrate on three main themes:
- Theme One: Getting Cressex Moving: Improving transport and reducing congestion
- Theme Two: Creating an attractive and secure environment for business
- Theme Three: Supporting businesses and investing in employees