THE manager of a group representing businesses in Leytonstone has said he is delighted that traders have voted to keep funding it for the next five years.


The E11 BID (Business Improvement District) was established under government legislation five years ago to promote and stimulate the local economy - but only after a majority of businesses agreed in a ballot.


The organisation had to secure the backing of traders again if it was to continue for another five years, and results of that referendum have been published revealing 80 per cent of respondents were in favour.
 

Company manager Gianluca Rizzo said: "I'm very pleased. We can now build on what we've achieved and keep improving things in Leytonstone.


"I'm feeling quite optimistic about the future. Recently we've seen a lot of positive changes and helped draw in new businesses.
 

"The opening of quality businesses like the Olive restaurant and the Red Lion pub have been very good for the area.
 

"We've also had Sainsbury's move in and Matalan has refurbished its shop, plus we have the Sheepwalk pub reopening soon after an extensive refurbishment".
 

Traders contribute towards the not-for-profit group's funds which then reinvests the cash, along with money from public bodies, on various schemes.


They have included the installation of nine CCTV cameras and the introduction of a trade waste scheme which BID says has saved businesses hundreds of pounds.
 

The BID has come under criticism recently because it has failed to submit its company accounts for 2011, despite the deadline being in March.


Mr Rizzo admitted that the group had fallen behind but said the paperwork would be completed soon.


He added that the next priority for the E11 BID was to further develop the CCTV.
 

He said: "It's something traders have wanted us to focus on. At the moment it is recorded 24/7 but is not monitored live, and that's something which will change in the next few months.


"We're also looking at installing some new cameras."
 

Council leader Cllr Chris Robbins said in a message to the group: “[I am] delighted to see the huge vote of confidence shown by your companies in the E11 BID.

“Waltham Forest needs a strong business base to succeed as a borough and your members will do a great deal to get us through these difficult times’.