Peterborough Economic Development Company Faces Closure

An organization established to stimulate economic growth and employment prospects within a city is slated for dissolution. Peterborough City Council put forward a recommendation for councillors to vote on discontinuing Opportunity Peterborough, citing an annual saving of £10,000. The council established this entity in 2005 with the aim of fostering economic development in the city, encompassing the creation of improved job opportunities and enhanced life prospects for residents. Opportunity Peterborough, an entity entirely owned by the council, issued a statement asserting that it had “long been the city’s lead for inward investment and economic growth.” Personnel from Opportunity Peterborough transitioned to the council in February 2023, integrating their services internally. The statement further indicated: “As a result, and as was always planned, a proposal is now going to cabinet to wind up Opportunity Peterborough as an external company.” A report scheduled for presentation to councillors on Tuesday noted that the company currently has no employees and its dissolution would result in an annual saving of £10,000 for the council. Its activities included drawing new businesses to the city, ensuring that students and the workforce possessed appropriate skills, and assisting existing businesses in growth and innovation. The organization stated it had delivered services such as spearheading the response to “major job crises” following the closures of John Lewis and Debenhams, and orchestrating a jobs fair subsequent to the shutdown of Thomas Cook. The functions previously performed by the company will now be undertaken by the council’s economic growth and development team. Earlier in the current year, councillors voted to dissolve a venture established by Opportunity Peterborough, known as the Smart Manufacturing Alliance, due to a depletion of its funds.