A business location in Peterborough
can help food manufacturers achieve up to double
the turnover growth of rival companies located elsewhere in Britain, according to new research.
The difference was
most pronounced in food industry firms with a turnover of between
£5 million and £25 million. A comparison of financial results achieved
over the five years from 1993 to 1998/99 reveals that firms based in Peterborough increased turnover by an
average 66 per cent compared with an average
of just 33 per cent for similar companies based elsewhere in Britain.
When the research was widened to
include firms with up to £500 million turnover,
Peterborough companies still achieved much higher growth - up by 64 per cent compared with an average of
44 per cent for other areas.
The research -
carried out for regeneration and development agency English Partnerships
and Greater Peterborough Investment Agency (GPIA) - compared the financial
results of 10 food manufacturers based in the Peterborough area with 50 firms from the rest of the
Gloria Milne, chief
executive of GPIA said: "These figures reveal that food firms
in the Peterborough area enjoy a remarkable advantage over competitors elsewhere in the country.
criteria were drawn up very strictly to ensure they would produce a
like-for-like comparison and we had no preconceptions about what the results would reveal.
believed from anecdotal evidence that a Peterborough location provides
a strong business advantage but we didn't realise just how significant
that advantage was until these figures were analysed.
enjoyed rapid growth in the 1970s and 1980s and Greater Peterborough
Investment Agency is continuing to promote the city as an excellent
location for new and growing companies.
launched a new Positively Peterborough slogan and these figures can't
be beaten for a positive message about business," said Mrs Milne.
Mrs Milne believes
that several factors contribute to the success that Peterborough
offers to business, including the city's strategic location just 80
miles north of London and a similar distance from other major population
It also has rapid
road and rail transport connections, lower-than-average business
costs, a flexible work force and a healthy environment for families. Food manufacturers in particular
benefit from Peterborough's proximity to the vast
expanses of productive farm land in the Cambridgeshire and Lincolnshire fens.
The research results
have been released as the investment agency prepares to exhibit
at Foodex Meatex - the UK's leading exhibition for the food and meat processing industry - which is being
held at the NEC, Birmingham, on 19 to 22 March.
The research compared
representative samples of companies in seven categories based
on turnover between £5 million and £500 million.
One of the ten
Peterborough companies surveyed achieved turnover growth of 102 per
cent over the five-year period, two achieved more than 80 per cent growth and three achieved more than 70 per
cent. The least successful company achieved
25 per cent growth.
In the comparative
sample of 50 companies with locations outside Greater Peterborough,
20 firms achieved turnover growth of more than 50 per cent while eight
companies actually saw their turnover fall - in one case by 26 per cent.