New figures show the entreprenurial spirit is flourishing in Peterborough with a record number of companies established in the city last year.
The statistics show 1,779 companies were registered at Companies House last year - the highest number for the city - and more than any other area in Cambridgeshire.
It means the city is home to 9,393 registered companies - up 11 per cent over the last three years. However, the city also had the largest number - 1,192 - of dissolved companies last year.
The details frombusiness software service Inform Direct show most of the new companies were in the transportation and storage sector.
Other growing sectors include construction, retail, real estate and administrative and support services.
It was also a record year for Cambridgeshire with more new businesses - 6,384 - established than in any previous year.
It brings the total number of registered companies in the county to 46,059 - up 6.1 per cent on 2016.
John Korchak, director of operations at Inform Direct, said: “These figures show Cambridgeshire continues to be a fertile ground for entrepreneurs and new business ventures.”
Steve Bowyer, chief executive of economic development company, Opportunity Peterborough, said: “Our companies enjoy low operating costs, a fantastic strategic location with great infrastructure connections and a strong network of support partners, suppliers and clients.
“We’re a fast-growing city with an ambitious growth agenda and an entrepreneurial spirit.”
SMEs, innovative start-ups and some of the world’s largest and most successful organisations call this city home. We have a vibrant economy with a mix of industry sectors represented and our companies are doing some really exciting work.
“While we’re able to celebrate the high number of business start-ups in Peterborough, as is the case across the country, sadly, there are also some companies being dissolved. The early years of set up and growth are incredibly challenging so Opportunity Peterborough will continue to work with a wide range of partners, such as the Combined Authority, to make sure the right support programmes are in place.”