New surveys clash over strength of Peterborough's job creating companies

The rate of business failures in ​Peterborough is one of the highest in the country, according to new figures.

The city has been ranked in eighth place for the number of so-called ‘company deaths’ last year in comparison to the number of businesses trading in the city.

Figures released by Utility Bidder, which aims to find the best energy tariffs for businesses, show that last year 1,155 businesses closed in Peterborough – a rate of 142.2 closures per 1,000 enterprises.

Peterborough only just fared better than Luton which was ranked seventh with 1,135 closures – which is 144.4 closures for every 1,000 businesses.

Wolverhampton had the worst figures with 1,590 closures – which is 179.5 closures for every 1,000 enterprises.

The figures have been calculated using data from the Office for National Statistics.

A spokesperson for Utility Bidder said: “The UK saw more than 800,000 new businesses in 2022/23 – a 6.4 per cent increase from the previous year.

"Unfortunately, it’s not good news for all business owners, as recent figures have revealed that England and Wales have seen the highest rate of bankrupt companies since the early 1990s.

He added: “From failing to compare business energy deals to having an ineffective marketing strategy, many things can cause a business to fail.”

However, data released last month showed that Peterborough enjoyed a growth in the number of companies being registered and in fact helped power a record growth in Cambridgeshire.

Figures from business services group Inform Direct showed that 2,698 start up businesses were registered in Peterborough alone last year – up from 2,629 in 2022.

The figures also revealed that 2,106 companies in Peterborough were dissolved in 2023.

By the end of the year, there were 14,243 registered businesses in the city.

Mike Greene, chairman of Peterborough and Stamford Chamber of Commerce, said: “While our city is far from perfect and certain areas are behind in terms of crime, cleanliness and citizen behaviour, I am incredibly optimistic for the future.

"”I speak to many businesses every day in my mentoring role and many are achieving great growth, some doubling year on year.”