Record year for business start-ups in Peterborough

Cathedral Square, Peterborough

More than 1,900 new businesses were registered in Peterborough in 2014, making it a record year for start-ups in the city. The second half of the year performed particularly well, with more businesses formed in Peterborough during that time than any other six month period in history.

Net company growth, the balance between business births and deaths, totalled 825 businesses in Peterborough last year - the highest figure in the eastern region - and the first quarter of 2015 saw a new record being set for the city with a net 305 companies created in the first three months of the year alone.

Last year the number of business creations in Peterborough exceeded the number of business closures by 75%, higher than the equivalent UK average of 58%, signalling Peterborough’s strength as a great place to set up and do business.

Steve Bowyer, chief executive of Opportunity Peterborough, the city’s economic development company, said:

“Peterborough is enjoying a surge of new company start-ups, but what makes this all the more encouraging is the city’s strong net business creation rate which is outperforming both the eastern region and UK average.

“Clearly we’d like to see even more start-up companies thrive in Peterborough, that’s why we offer a range of tailored support. From the New Business Network created specifically for new and young companies, to the Ignite Peterborough programme, a bespoke support service for young and aspiring entrepreneurs in the city, Opportunity Peterborough is here to help local companies and it’s fantastic to see the take up of these services increasing.”

Leader of Peterborough City Council, Cllr John Holdich, said:

" Peterborough has a strong and diverse economy home to around 6,000 companies - from innovative SMEs to large global headquarters. These businesses are the backbone of our economy so it’s exciting to see so many new firms setting up here and contributing to the city’s future prosperity.

Last week saw the official opening of the new Future Business Centre Peterborough, yet another fantastic resource for city entrepreneurs and businesses. With access to comprehensive support programmes like this, coupled with excellent transport infrastructure and our new city-wide gigabit speed internet network, Peterborough companies can connect easily to the global marketplace and open new opportunities for growth."

Sign up to our newsletter