OSWESTRY Business Improvement District's (BID) pitch for a second term for the next five years is crucial to keeping millions of pounds of investment in the town, a report has warned.

The report, which will be presented by Shropshire Council's director of place Mark Barrow, is for Cabinet on Wednesday, July 20, and comes before a vote for businesses who pay a levy towards BID on whether to continue.

In the report, created by Matthew Potts, business growth and inward investment manager, it says that BID has been instrumental in bringing investment into Oswestry and is a vital stakeholder for its future.

It added: "The most significant risk faced is if Oswestry BID is not successful in their renewal.

"Oswestry would lose investment in the region of £1.64 million from 2023 onwards.

"Without Oswestry BID there would be a significant loss of momentum and activity in the town centre.

"The BID has achieved a great deal against its key project themes, together with a number of major marketing campaigns, significant cost savings for businesses, and the support of strategic development work across Oswestry through their role in Future Oswestry Group, alongside Shropshire Council and Oswestry Town Council."

"Oswestry continues to face increasing competition from nearby towns and cities, retail parks and the internet.

Oswestry BID has made significant achievements in its first term but for the town to remain competitive it needs to continue to deliver projects which attract more people to the town, improves the experience for visitors and supports the business community on key strategic and operational matters."

Shropshire Council contributes around £13,000 to the BID levy – covering 10 properties – which means it will have a say in the upcoming decision.

The report has recommended that Cabinet do not vote against or even abstain from the vote, but must vote yes for a renewal of the BID to be seen as 'positively leading the way'.

In conclusion, the report has underlined the vital importance of BID continuing to work for the best interests of Oswestry.

It said: "As previously outlined, without Oswestry BID there would be a significant loss of momentum and activity in the town centre as well as additional investment into the Town through the support of the BID Levy.

"While there is a cost to Shropshire Council, the outputs delivered over the period of the BID through the investment of the c.£1.27m to date in BID levy, far outweigh the costs brought to Shropshire Council."