New research carried out by Greater Peterborough Investment Agency
(GPIA) has shown that food companies based in the Peterborough area
grow at a faster rate than those located elsewhere in Britain. The
conclusions echo those of research carried out two years ago.
The latest research compared the past
five years turnover of ten Peterborough-based food companies with 65
similar companies across Britain. It showed that companies grew on
average 43 per cent in the Peterborough area compared with just 25 per
cent for firms located elsewhere in Britain.
The difference is most pronounced with
companies of turnover between £10 million and £15 million where
there was an 86 per cent growth in the turnover of local companies
compared with 12 per cent elsewhere. The gap did narrow with larger
companies of turnover greater than £25 million but the growth of
Peterborough companies was still much higher.
The research also showed that 34 per
cent of firms outside the Peterborough area saw a downturn in sales
over the period whilst local companies remained consistently healthy.
The research carried out by GPIA two
years ago first highlighted the trend and identified that food
companies in the area were significantly out-performing similar
companies located in other parts of Britain.
The results support GPIA’s view that
Greater Peterborough is an ideal location for companies involved in
the food industry. Chief executive Gloria Milne said:
“The results of our two research
studies are conclusive. They clearly show that there are significant
benefits to food companies being located in the Peterborough area. We
can offer competitive business costs and a location which provides
easy access to population and business centres across Britain. We are
also very close to highly productive arable farmland, providing food
manufacturers with easy access to the raw materials they require.
“In addition, our engineering
technology firms have a reputation for developing innovative food
processing machinery. All these benefits represent powerful reasons
for food companies to relocate here.”