Peterborough named as fourth most entrepreneurial in UK

Continental market stall-holders at Bridge Street. EMN-210917-154139009

A new survey has placed Peterborough as the fourth most entrepreneurial city in the country.

And it finds the most entrepreneurial streets are Bridge Street, Westgate Arcade and Broadway.

Figures show the city enjoyed a 4.2 per cent increase in the number of companies employing up to 49 people during 220/21.

Tom Hennessy, chief executive of Opportunity Peterborough.

Despite repeated lockdowns during the Covid-19 pandemic, the number of small and medium sized businesses (SMEs) with up to 49 employees grew by 310 to 7,660.

When cross-referenced with the latest population figures to generate a ‘businesses per capita’ score, Peterborough is placed in fourth position behind Leicester, Brighton and Hove, and Southampton.

It is ahead of cities such as Manchester, Gloucester, Sunderland, Cardiff and Carlisle.

The survey has been put together by SME insurance provider, Superscript, which also states that three ‘most entrepreneurial’ streets were recommended by business groups and local authority.

Cameron Shearer, chief executive of Superscript, said: “While the past year may not have seemed like an obvious time to launch a new business, it appears that furlough, reduced hours, and other factors such as working from home have spurred many employees to reassess their professional and personal goals.”

Tom Hennessy, chief executive of Opportunity Peterborough said, “It’s very positive to see so much growth among SMEs in Peterborough, especially with job creation.

“The most entrepreneurial streets also indicate that the city centre and Peterborough’s high streets are making a good recovery.

“Last year saw a record number of new businesses set up in Peterborough and it’s great to see more evidence of the city’s strong entrepreneurial drive.

“The challenge for startups is improving survival rates and our Startup Peterborough programme is doing just that for new businesses in the city.

He added: “Peterborough has a lot of opportunities for SME businesses to grow and develop as part of local, national, and even international supply chains thanks to a higher-than-average proportion of large and medium sized businesses, and a diversified economy where we have high concentrations of specialists across different sectors.”