Business leaders are backing plans to create a Business Improvement District (Bid) in Sutton town centre to help the economy thrive.

Paul Martin, Sutton Council chief executive, pledged his support to the process, which will see companies working together to improve their trading prospects, during a meeting at the Holiday Inn hotel on March 3.

Bid consultants received 109 responses from their survey over the past two-and-half-weeks, which they estimate is about a quarter of the district’s businesses.

The big areas of concern included the promotion of the town centre, the north/south divide within Sutton High Street and the dangers of the “race track” in St Nicholas Way.

Proposals for the Sutton action plan will be drawn up by the Bid steering group over the next few months and firms will then vote on whether to adopt them in February 2011.

The council will help set up the Bid and collect the levy on behalf of the businesses before passing it on to pay for the action plan.

Firstly, a majority of the businesses involved must vote in favour of the Bid and secondly, there must be a majority by rateable value of those voting.

Speaking at the meeting Dr Julie Grail, Sutton’s Bid consultant, said: “The charge is not a Government or council tax. Bids charge 1 per cent of the rateable value so if a business has a value of £20,000, then it would pay £200 per year towards the Bid.

“The money is only used on projects agreed on and voted for by the Bid. With council rates, only a percentage goes to services – Bid money gives much better value for money.”

Mr Martin confirmed the council would throw its support behind the project.

He said: “Bid is about optimism, looking forward and creating an even better town centre.

“Bid will strengthen this partnership and help Sutton’s businesses enhance the town centre to grab an even bigger share of the market in our part of the capital.”

•A Bid is a partnership in which businesses in a defined area pay an additional charge in order to fund extra services such as cleaning, security and promotion.

• Bids can be designed to suit the needs of businesses and generally focus on improving the trading conditions.

• To find out more about the Sutton Bid proposals, call 020 8770 5125 or email info@suttonbid.co.uk.