Overseas companies shrug off Brexit to explore opportunities in Peterborough

A dozen European mainland companies have actively sought to invest in enterprise opportunities across Peterborough in the last six months.

Tuesday, 26th February 2019, 8:20 am
Updated Tuesday, 26th February 2019, 9:25 am
Retailer Patatam of France recently arrived in the city. From left, Sam Major, of Savills, and Simon Horton, UK operations manager for Patatam.

The overseas business interest in the city comes despite enterprise being dogged by the uncertainty of the UK’s Brexit negotiations.

According to details released by economic development company Opportunity Peterborough, there have been five confirmed investments from European companies in the last six months.

There have been another seven inquiries with five of these still ongoing.

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Tom Hennessy, chief executive of Opportunity Peterborough.

The interest comes from continental businesses that own firms already in the city or those seeking to expand from the continent into Peterborough.

Tom Hennessy, chief executive of Opportunity Peterborough said: “From Peterborough’s perspective the UK’s vote to leave the EU hasn’t reduced interest from companies on the continent. In fact, we’ve seen it increase.

“In the last six months alone, Peterborough has seen investment from Europe in the likes of Lawrence David, Coloplast and Patatam who have all either moved to Peterborough, or are expanding operations in the city.

Mr Hennessy added: “This investment stems from Peterborough’s fantastic reputation both at home and abroad for its diverse workforce, brilliant connectivity and affordable operating costs.

“Brexit may be acting as a catalyst for continental businesses to act sooner rather than later, but the vast majority of investors we work with haven’t raised it as a major concern yet.”

“That being said, there is a huge desire for the deal to be finalised so businesses have certainty on what actions they need to take to future-proof their UK operations.”