Business is booming as Peterborough sees record number of firms registered

Steve Bowyer, chief executive of Opportunity Peterborough.
Steve Bowyer, chief executive of Opportunity Peterborough.
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A record number of new businesses were registered in Peterborough last year, according to new figures.

More than 1,900 new firms were registered in the city in 2014 with the second half of the year performing particularly well.

The figures have been released by regeneration company Opportunity Peterborough.

They show that net company growth, which is the balance between business start ups and closures, totalled 825 businesses in Peterborough last year - the highest figure in the eastern region.

The first quarter of 2015 saw a new record being set for the city with a net 305 companies created.

Last year the number of business creations in Peterborough exceeded the number of business closures by 75 per cent, higher than the equivalent UK average of 58 per cent.

The statistics have been sourced by business services firm Duport using Companies House data which counts both VAT and non-VAT registered companies.

Steve Bowyer, chief executive of Opportunity Peterborough, 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, Councillor John Holdich, said: “Peterborough has a strong and diverse economy home to around 6,000 companies - from innovative small and medium-sized enterprises 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.”