Shaping a better Reading
The REDA story
Introduction
Every successful city needs to defend its position, support its local businesses and workforce, develop its sectoral strengths and welcome new businesses and people. This can only be successfully achieved through strong partnership between the business, public and education sectors. The future of this relationship and continued success of the Reading economy is driven and championed by Reading’s Economy and Destination Agency: REDA.
With a successful 18+ year history of supporting the local economy and promoting Reading, REDA provides a fully integrated place function for both central Reading and the Greater Reading area.
Supporting businesses through economic development, visitor tourism and town centre BID services, REDA works closely with key partners including Reading Borough Council, the University of Reading, Activate Learning, and local schools, to create a more inclusive and sustainable economy and generate new investment.
Together, we shape a better Reading.
Who we are
Reading’s Economy and Destination Agency (REDA) exists to serve Reading businesses and the wider economy of the Greater Reading area, arguably one of the most attractive and successful locations for inward investment, doing business and living in the UK. REDA promotes Reading’s thriving technology and service industry, prime location, world-class university and successful economy, helping to maintain Reading’s position as the Capital of the Thames Valley.
As a growing, not-for-profit business, with a direct customer base of over 750 companies and a network of over 2000 businesses across Reading, we actively respond to current economic challenges, providing a comprehensive and integrated service to Reading’s business community.
Led by business, we work in partnership with the private, public and education sectors to address the barriers to sustainable and inclusive growth and showcase opportunities through economic development and destination marketing activity.
Our values
Our values are at the heart of what we stand for and what we care about as an organisation:
Collaborative
A partnership organisation, we use our collaborative approach to power positive change.
Inclusive
We act and work inclusively, celebrating diversity and engaging with the wider Reading community.
Authentically ‘Reading’
Guardians of the place brand, everything we do remains true to Reading’s unique story – its heritage, culture and history.
Progressive
We set our sights high, ambitious and future focussed, we use innovation to build a better future, together.
Purposeful
We are a small but resourceful team, dedicated to our role of supporting Reading’s people and businesses, for wider benefit.
Our purpose
To shape a better Reading.
Our mission
To boost business and enhance the visitor experience in a way that improves the quality of life for all those in the Reading region.
What we do
Marketing the place of Reading
We are the ‘guardians’ of Reading’s place brand and its 2050 Vision, responsible for showing people all Reading has to offer now and in the future. We lead and champion Reading’s offering to both leisure and business visitors, as well as helping to shape a better Reading for those who choose to live, work and study here.
Attracting investment to Reading
We encourage inward investment by promoting Reading as a great place to do business and attracting both companies and developments to invest in the city. We help establish a thriving business environment for our local networks to create profit and grow the economy for mutual benefit. We actively encourage other national and overseas organisations to be a part of what we are building.
Supporting local businesses in Reading
From start-ups to major corporates, we work with organisations large and small to help drive local business, increase employment skills and build networking opportunities. We also run Reading’s two BIDs (Business Improvement District), a business membership service to over 750 local businesses. The BID delivers year-round added value projects and services which help keep Reading centre safe, relevant and attractive for its residents, visitors and workers.
Reading BID
A Business Improvement District (BID) is a defined area where businesses have voted to invest collectively in local improvements to enhance their trading environment. Constituted in UK law in 2004, BIDs provide extra services within their areas, funded via a BID levy charge, which is payable by non-domestic ratepayers. BID services are additional to the services provided by the local authority.
REDA is the management company of Reading Business Improvement District. Reading BID has been in operation since
2007 and commits to maintaining the added value services which shoppers, visitors and our own business community have come to expect. Reading BID provides approximately £1.5 million extra private investment in the central district, funded by a nominal levy, equivalent to 1.4% of rateable value.
Reading Central and Abbey Quarter District BIDs were both successfully renewed by vote in February 2024 and, over the next five-year term, will deliver the business plans as set out in the ballot campaign.
“Reading BID is an integral part of the Reading economy, supporting collaboration between local businesses and running essential services which help make Reading a top regional centre for retail and business.”
Andy Briggs, The Oracle
Our future priorities
As we look to the future, we remain committed to our great ‘city’, injecting pace and energy into the work we do for Reading and its economy through the refreshing of our economic development strategy, ‘Powered by People’.
REDA’s priorities focus on addressing the critical issues facing businesses in Reading, and our work for the coming five years will concentrate on providing leadership around business support and place marketing, addressing skills and recruitment, the green agenda, attracting inward investment and marketing Reading regionally and nationally, to ensure we have a vibrant city centre, fit for the future.
We’ll remain committed to supporting our city centre economy as Reading BID delivers its new Business Plan for 2024-29 across two business districts, investing £1.5m in added value services and marketing to support our 750+ town centre businesses.
We’ll work to engage new businesses in Reading through networking opportunities, developing our supply chain networks and maximising opportunities provided by the new Shinfield Studios to influence business support and skills training of the sector across Berkshire.
We’ll drive our green agenda programme, reigniting the Reading 2050 Vision with a forward plan to 2030, securing our CSR accreditation and investing in green skills training and jobs for local people and businesses.
We’ll drive our skills for work and recruitment programme, supporting young people to develop career choices, new sector skills, core and work skills, and matching unemployed people with job opportunities.
We’ll continue to deliver the programme for the creative film sector, supporting Shinfield Studios through developing supply chain skills and new business start ups.
We’ll drive Reading’s inward investment activities, locating new business, attracting more visitors and enhancing the perception of the city.
Our approach
We pride ourselves on undertaking thorough research and gaining regular feedback from Reading’s business community to inform decisions and services, support our people and businesses, as well as lobbying those who can help shape a better Reading for the future.
Our service to business going forward will be built across four main strategic leadership policy platforms:
l Our Reading 2050 Vision to be a smart and sustainable city: a city of green technology, a city of culture and diversity, and a city of rivers and parks
l Our continually evolving ‘Powered by People’ Economic Strategy for our city partners to deliver
l Our 5-year, £7.6m Business Improvement District (BID) plans
l Our Reading place brand, driving visitor and business tourism and inward investment campaigns
