A majority of firms backed the plan to set-up an Epsom BID (Business Improvement District) having been voting for the past month.
It is hoped the backing will allow the BID to "improve the Epsom experience, increase footfall and enhance business performance".
Of the businesses that voted 85% voted in favour. The money will come from each business paying a 1.5 per cent levy on the rateable value of each company. “I am absolutely delighted that so many businesses have backed the plans that we put together," said Laura Sims, Chair of the BID project and Manager of Marks and Spencers.
"The BID represents a really bright future for Epsom and by working together, we will be able to achieve great things for the town with this £1.5m of investment over the next five years.
"I would like to thank everyone who has supported these proposals, the voters first and foremost, but also the other members of the steering group who have put in hundreds of hours of work over the last 12 months to get us to this position today and I’d also like to thank our BID consultant Michelle Baker at Regen Management and Epsom & Ewell Borough Council for supporting us along the way.
“We have lots of work ahead of us, but the BID will be good and ready to start delivering business and customer benefits to Epsom and we look forward to working alongside the businesses in the coming months.”
Epsom BID will formally launch in April 2018.
It will be incorporated as a company limited by guarantee and its Board of volunteer directors will be drawn from the businesses in the BID area.
Projects will include a brand and identity for Epsom, marketing and promotion to draw in new customers, a programme of year round events and BID Rangers.
These will be funded by the levy which will be paid annually.
Among the BID's first tasks will be to recruit a BID manager, secure office premises and draw up detailed operating plans for the first 12 months.
For more information and to view the 5-year BID business plan please contact Michelle@epsom.bid