The City Centre Company, a partnership firm which manages and promotes the city, launched a new funding scheme in October which offered a range of superior services to companies who signed up to a three year membership.

The company hopes to raise between £150,000 and £250,000 but the total has already reached £170,000 in cash and contributions in kind and is still growing.

Around 30 businesses, large and small, have pledged their support to the scheme – a total that could double.

Martin Stockdale, the City Centre Company’s scheme co-ordinator, said more companies were expected to sign up early in the New Year.

He said:

"We are very pleased with the way the scheme has gone and the present total is in line with what we were hoping for. The prospects are very positive.

"We have not started to push hard on things like group membership and we are still visiting companies to tell them more about the scheme."

The cornerstone of the scheme is the Retail Crime Initiative, which involves a new radio link, exclusion orders which allow businesses to ban repeat offenders from their property, and a Civil Recovery Service in which the company recovers the cost of crimes committed against members.

There will be free advertising for members, an entertainment and events programme, improvements to the environment adjacent to members businesses, and a business support scheme.

The City Centre Company is committed to reaching seven out of 10 targets in its first year, and levels of payment for a second year depends on its success. Businesses will be asked to sign up for three years.

Stockdale added:

"We are very pleased that it is not just the large businesses that have come on board. Smaller traders such as Francis and Gaye, Chameleon and Brains have signed up.

"We were confident the scheme would prove popular but because it is unique it is a big step for companies to take and we know that we have to perform to achieve the targets.

"The result should be a city centre that is more appealing to visitors and therefore more successful for business. Coventry will be the winner."