Businesses along coast back BID which is set to raise £3m over next five years

The successful BID is celebrated.
The successful BID is celebrated.

Businesses have backed a scheme which is set to raise £3 million over the next five years to boost the economy along the coast.

The Lincolnshire Coastal Destination Business Improvement District (BID) was officially accepted on Friday following a ballot of businesses.

The project will see companies with a rateable value of £5,000 or more contribute 1.5 per cent of this value into a pot to be spent on initiatives aimed at boosting business.

Out of the 269 votes cast by businesses spanning from Donna Nook to Gibraltar Point, 202 supported the scheme - more than 50 per needed to back the BID for it to

The successful ballot was announced on Friday and a new company to oversee the project - and how to spend the money - has been set up.

LCD’s BID development manager Lisa Collins said: “I’m absolutely delighted we have secured a successful outcome for the Destination BID.

“This gives us security of investment for the Lincolnshire coast over the next five years.

“It also helps secure the future of those who rely heavily and work in the tourism industry.”

Made up of local business owners - BID has a five-year plan designed to help promote the coast and boost its future as one of the top UK seaside destinations.

It is focused on four key areas:

l Business support

l Environment, enhancement and access

l Marketing and promotion

l Events

Ms Collins added: “Our plans are realistic and achievable while allowing the company to become established, work with the business community and community groups who will deliver events.”

“The branding and marketing of the area is key and we have every confidence that businesses who have pledged their trust and support in will see an excellent return on their investment over the five year term.”

The idea was initially formed in January 2016 and taken on thanks to £100,000 funding support from East Lindsey District Council.