Seminar success by BID on rent and rates

A seminar on rent and rates organised by the Wimborne BID for Wimborne’s businesses on 26th October at Allendale House was well attended and very well received.

A panel of experts shared their knowledge, gave advice and answered questions on all aspects of rent and rates affecting businesses. Business people agreed it was informative and very helpful. 

Chairman of the Wimborne BID, Chris Slocock introduced Peter May, chartered surveyor and fellow BID directors Peter Fowler, solicitor and Paul Thomas, Company Secretary to the BID.

High praise for the BID came from Peter May: “The next time your rates come round for assessment in 2013, the BID should try and negotiate on the rates by investigating values in your street to make sure the rates are fair.

An organisation such as the Wimborne BID is a brilliant vehicle for doing that,” he endorsed. 

He and the Panel clarified the legalities of rent reviews between landlords and tenants and the pitfalls to look out for - and especially the importance of scrutinising a lease. Mr. May explained the complexities of zoning charges.

“Take your own measurements of the zoning charges. For shops, the first 20 ft are most valuable, the second 20ft are half that value and the back section one quarter of the first zone,” With many businesses facing a hike in rates, the Panel gave useful advice on avenues of help to explore, one of which is the Valuation Office Agency website which makes the whole process a lot more transparent. Go to www.voa.gov.uk

Sharing information with other businesses in the town offers the opportunity of comparisons which is vital. For this purpose, The BID plans to start a register of all rents and rates to monitor the situation in their efforts to negotiate on behalf of Wimborne’s businesses.

See more details of this by Company Secretary for the BID, Paul Thomas. Click on 'News' above.

“We are here to help with the issues you feel are relevant to the town and to make sure you are getting value for money to help your business grow and develop,” assured BID Chairman Chris Slocock.

About Wimborne BID

For over 15 years the Chamber of Trade has been looking for ways to improve Wimborne Minster as a shopping town and have sought to develop a town centre strategy to benefit traders, residents and visitors. The Chamber has , over the years, established Christmas lights, children’s entertainment, a Wimborne Directory, supported the Folk festival and Wimborne in Bloom. Under the current legal arrangements businesses have no say on how the business rates are spent in their area and have felt disenfranchised. It is this frustration and desire for action that has lead to the formation of a group initiated by the Chamber of Trade to seek to empower businesses to act in their own interests.

The opportunity to do this comes through the Business Improvement Districts (England) Regulations 2004. Which allows businesses to form a not for profit company to raise a levy on business rate payers and spend this money as they wish (and only the businesses say how this money is spent) for the benefit of the town and its shoppers.

Wimborne BID is a business lead initiative.