A BUSINESS plan which could raise over £500,000 over the next five years to boost Minehead has been revealed to the town’s traders, who will decide the fate of the scheme.

More than 50 representatives of shops and businesses attended the launch of the new Minehead Business Improvement District (BID) scheme at the town’s old hospital on Tuesday to hear the latest plan before a vote on whether it should go ahead is held in April.

Under a government scheme, 245 of the town’s traders are being asked to pledge the equivalent of 11/2 per cent of their yearly rateable value to finance the project.

That could be around £150 for an average shop and up to £15,000 for a branch of a national chain and would bring in an annual income of around £107,000 to be spent on making Minehead a more attractive and thriving town.

Introducing the BID’s five-year-business plan, put together by the organisation’s steering group in consultation with Minehead traders, chairman Graham Sizer said that for the scheme to go ahead there would have to be a majority vote both by numbers and rateable value.

A yes vote would allow the organisation to go live in July and it’s first major project would be this year’s Christmas celebrations.

Mr Sizer told the Free Press: “Unveiling any project that involves people putting their hands in their own pockets is a leap of faith, but there was an air of real optimism.

“Business people who until now have played a wait and see role are more and more coming on board.

“BID is a tried and tested initiative – it’s now successful in over 300 towns – and could result in making a thriving place for everyone.

“It’s so encouraging that national names in the town who usually keep a low profile are becoming avid supporters.

“To do nothing is not an option -the competition from on-line shopping and other centres nearby is already taking its toll on our town.

“Businesses want to have more say in how their town is run and managed and would also like to find ways of reducing overheads by collective purchasing.

“Most of all, they think marketing of events is a vital priority if business is to thrive in the way it should and be put back on the map as a major tourist venue.”

Mr Sizer said that the meeting “heard lots of great ideas for putting the buzz back in Minehead”. Suggestions included helping to paint and tidy up unkempt areas of the high street, weekend street entertainment, bringing Britain in Bloom back and livening the streets with flags and bunting.

BID organiser Lucy Ball said that successful BIDs had led to over £75 million being invested in local economies.

“This is about a business community coming together in a collective way to move the town forward.

“This is a retail and tourism project and its purpose is to increase the footfall in the town centre and increase spending.”

Mr Sizer added: “Businesses normally use every penny they earn to make their own businesses tick. This is the first time they have been asked to fund things outside their doors and a growing number like the idea.

“This week’s meeting was a real step forward.”