NWEC, the business improvement district for Oxford Street, Regent Street and Bond Street, will receive a £34m investment boost following the vote of confidence from retailers in the area for its mandate to be renewed for the next five years.

£34m funding

NWEC’s role to improve and promote retail in London’s West End will be ensured for the next five years. Ken Livingstone, Mayor of London, pledged to match the funding for the NWEC if retailers gave the yes vote, ensuring the £34m of total funding for the next five years.

Together for West End

Ian Henderson, chairman of the New West End Company, said: ‘The New West End Company was established due to the imagination, generosity and forethoughts of key retailers and property owners within the area along with the very positive support of Westminster City Council. Thanks to their ongoing support and the Mayor of London, we are now assured of another five years to drive forward the interests and opportunities of London’s West End.’

Ken Livingstone, Mayor of London, said: ‘New West End Company's successful ballot result is excellent news for the West End and for London as a whole, and I would like to congratulate everyone concerned. The result means we can continue working together to make sure the West End maintains and builds upon its status as the world's greatest shopping destination.’

New chief to join in 2008

Following the renewal result, the board of NWEC will be announcing the appointment of a new chief executive next year.

New West End Company’s second term will start on 1 April 2008.

Additional streets formally part of the BID area will include Duke Street, North Audley Street, Brown Hart Gardens, Savile Row, Langham Place and Portland Place.