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Traders agree to pay up to spur revival BY GAVIN THOMPSON wdbusiness@b-nm.co.uk Traders in the centre of Bristol have taken the bold step of agreeing to pay a levy on top of their standard business rates to fund improvements in the area. Retailers had been voting all month on whether to renew to Broadmead Business Improvement District for another five years and have once again said “Yes”. The scheme sees traders pay an extra 1.5 per cent on top of their rates, or 0.75 per cent for
1.5%
Levy that traders in Broadmead have agreed to pay to boost area
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k to g stores in the Galleries shopping centre. Jo Hawkins, BID manager, said: “We are delighted to announce that the BID renewal was successful at ballot.
“I would like to thank all of you who supported us and we look forward to working with retailers to deliver a third successful BID, which will start on November 1, 2013 and run for a five-year period.” Stores had twice before voted in favour, the first time in 2005. Before then Bristol languished at 30th in the list of top shopping destinations in the UK. Now it is 12th, although the opening of Cabot Circus takes a large share of the credit for that climb. The initiative should help with regeneration of Broadmead as it continues to face extra competition from other shopping destinations and the relentless growth of internet shopping. The goals of the BID team for the next five years include: ■ Promote the entire Bristol city centre shopping area under the Bristol Shopping Quarter banner. ■ Stage a programme of events with appeal to a range of age-groups will be held across the Broadmead area. ■ Cut crime by working with the police and retailers, building on recent success in this area. ■ Introduce more street cleaning so Broadmead matches Cabot Circus. ■ Improving the appearance of empty stores by dressing interiors or by applying colourful graphics to the windows.
Merlin hopes to cast spell over investors The Dorset company behind attractions including the London Eye, Madame Tussauds and Alton Towers will be valued at between £2.8 billion and £3.3 billion when it joins the Stock Market next month. Merlin Entertainments, which operates 99 attractions in 22 countries and had 54 million visitors in 2012, disclosed more details of the float, which will see up to 15 per cent of shares on offer go to retail investors. Private equity owners Blackstone and CVC are selling a chunk of their shares, although Kirkbi, the Danish family-owned investment company which owns the Lego and Legoland
£3.3bn The upper end of market expectations of Merlin’s value ahead of the company’s flotation
The Broadmead area of Bristol has faced increased competition in recent years, but traders are collaborating to continue a spate of recent improvements to the shopping destination
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trademarks and 75 per cent of the Lego Group, will retain a significant shareholding. The valuation of Poolebased Merlin is based on an expected price range for the shares of between 280p and 330p. The exact level will be disclosed when conditional dealings commence on November 12. Merlin hopes to raise around £165 million from the initial sale of shares, following deduction of fees and commission. Retail investors will have until November 8 to apply for shares through brokers. The minimum application size will be £1,000 and shareholders will be entitled to discounts on its attractions.
Strategic business www.albertgoodman.co.uk advice TAUNTON
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