Where Peterborough ranks as a centre for independent businesses

Peterborough has been ranked as the 13th best city in the UK for independent businesses according to a new report.

Wednesday, 5th January 2022, 11:52 am
Updated Wednesday, 5th January 2022, 3:20 pm
Peterborough has ranked highly as a place for independent businesses. Picture credit should read: PA Photo/Thinkstockphotos.

Business experts Bionic have created an index using nine different business metrics to reveal which cities in the UK have the strongest independent economy.

Ranked in 13th place with a score of 57 out of 100 in the index of the best cities and proving to be a great city to start a business, the data showed that Peterborough had 511 active businesses per 10,000 population.

However, while Peterborough is great for small businesses, renting a business space in the city will cost hopeful business owners an average of £113 per square metre.

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The business rankings.

This compares favourably with other cities such as Reading, Southampton, Slough, Edinburgh, and Portsmouth – all of which charge more per m2 for business property; but York, Bristol, Northampton, Swindon, and Leeds were among others who charge less per square metre.

Cambridge – which ranked eighth overall in the index – charges the same £113 per square metre for business properties, and while it had fewer numbers of start-ups than Peterborough, a larger proportion of those survived the first five years.

The index analysed 50 of the largest cities in the UK with each assigned an index score out of 100 based on a combination of data points:
- Business start-ups per 10,000 population in 2019;
- Five-year survival rate; Births of new businesses as a proportion of total active businesses (2019);
- Deaths on new business as a proportion of total active businesses (2019);
- The percentage of small active businesses; Active businesses 10,000 population (business density);
- Commuting on foot percentage;
- Unemployment claimant count rate November 2020 ;
- Rateable value per square metre of floor space.

Southampton ranked the highest with an index score of 74 out of a possible 100, along with York in second place with a score of 70 and Bristol in third with a score of 66 respectively.

Source: Bionic