25th January 2023, 13:42
GBC can reveal that the company behind the Business Improvement District (BID) project - known as Downtown - has terminated employee contracts and is shutting down.
The company says full refunds will be issued to all those who paid levies towards the BID. The board behind the project is currently working with LPS and the Government to create a mechanism to facilitate this process.
The BID was voted into law last year. Its aim was to improve the trading environment in town.
Chairman of the BID, George Russo, says there have been no payments since the Government put a moratorium in place in October.
He says it came to the point that the company had to take this decision, before using all its money up. The BID had five employees, who were given a notice period and have now all left or been let go.
Although the company will no longer be operating, Mr Russo says the mandate for the project, which was put into legislation, still remains in place.
He described it as a disappointment and a missed opportunity.
He spoke to Shelina Assomull.
GBC asked the Government for comment. It said it could not comment further at this stage as it has not been possible to meet with the BID team due to the enormous pressure on the Chief Minister arising from the intensifying negotiations for a UK/EU Treaty. It says it remains ready to meet with the BID team when time becomes available.