REVIEW OF THE YEAR: Opening of university is heralded as 'game changer' for Peterborough businesses

The long-awaited opening of Peterborough’s £30 million university has been heralded as a ‘game changer’ for city businesses in a year that began optimistically but is ending beset by challenges.

Yet in the face of spiralling inflation, interest rates, supply chain difficulties, huge numbers of unfilled vacancies, businesses across the city are continuing to expand, create jobs and find innovative ways to deliver products and services.

And it is this innovative spirit that high profile entrepreneur Mike Greene, who this year was named as chair of Peterborough and Stamford Chamber of Commerce, says will be key to the ongoing success of business through 2023.

He said: "When things are difficult companies have to change themselves or be changed – working hard in outdated ways is not going to achieve any more success.”

Retail and hospitality are currently going through a tough time, but Mr Greene said: “You tend to see more delivery staff than customers in some eateries these days – it’s not that the customers do not exist. Instead they have changed the way they want to eat and the businesses are changing too.

"But lots of people are doing things the way they always have always done them but these are outdated and not reliable. My message is to observe the masses and do the opposite.”

He said a prime example of the success that innovation can bring is Peterborough’s 2015 BBC The Apprentice winner Joseph Valente following the sale of his plumbing business ImpraGas with the creation of his Trade Mastermind business, mentoring the construction industry and this year creating scores of jobs.

Mr Greene, known as the Secret Millionaire after appearing in the Channel 4 reality show in 2011, said: “Peterborough is already a great place to do business.

"The addition of a university, which should have been done 10 years ago, will help create more high growth with its students adding more vibrancy to the city centre. It will be a game changer for the city.”

ARU Peterborough, which opened in September, has devised its cutting edge curriculum jointly with businesses to ensure its students are equipped with the skills needed for the workplace of the future.

Alongside the main teaching building is a research and development centre that is anchored by triple Queen’s Award winning Peterborough 3D specialists Photocentric, which is also expected to contribute to students’ learning and act as an inspiration to new start-up enterprises.

The company, in Titan Drive, Fengate, and Oxney Road, was chosen by the government agency Innovate UK in April to lead a pioneering project that could transform mass manufacturing with a focus on finding ways to use new materials that provide eco-friendly benefits in large scale production and that also drive the creation of jobs.

It is one of a number of Peterborough companies using innovative processes and expanding.

ELeather, which supplies sustainable, high-performance materials to the transport industry, announced a £70 million expansion with a new base at Alwalton in February creating new jobs as it looks to grow the business over the next 10 years and enter new markets, while labels manufacturer AA Labels, in Wainman Road, Orton Longueville, launched an innovative new packaging service.

The Aldrich Group, based at Aldrich House, in Funthams Lane, Whittlesey, unveiled a franchise agreement with fashion giant Ted Baker that will involve Aldrich opening at least three stores a year

The year also witnessed changes at two leading employers.

TV shopping channel Ideal World in Newark Road, was bought by entrepreneur Hamish Morjaria in February while insurance giant BGL was bought by the Markerstudy Group with its ComparetheMarket business becoming a standalone company while the remainder was rebranded as BGL Insurance at the start of the year.

It was an exhilarating year for fashion retailer Yours Clothing, in Bakewell Road, Orton Southgate, which announced the purchase of an extra warehouse, donated £250,000 to the Ukrainian refugee appeal and won two top awards at the Peterborough Telegraph Business Excellence Awards in November taking the title for Best Large Company while its founder Andrew Killingsworth was named Business Person of the Year. The company rounded off the year, by sourcing, packing and delivering Christmas food hampers to 300 needy families in Peterborough.

The year also saw achievements in employee-focused aspects of life in the workplace.

For instance, Butcher Bayley Architects (BBA) of Yaxley, won a gold accreditation after making a four day working week a permanent feature of office life for the company’s growing team.

KM Packaging, in West Street, Oundle, and which has a team of 24 staff, became an Employee Ownership Trust - 38 years after its founding. It means staff have a controlling interest in the company through the all-employee trust into which the business owners sell their shares.

And price comparison website, Comparethemarket, based in Bakewell Road, Orton Southgate, and which has 700 staff, was named as a founding member of Neurodiversity in Business (NiB).

The organisation aims to help and support neurodivergent people - those with Autism, Dyslexia, Dyscalculia, ADHD, Dyspraxia or Dysgraphia, among other conditions - find and secure a job.

A new addition to the Peterborough business scene was the creation of the Business Improvement District funded by about 419 companies in the city centre to boost the retail environment.

The year ahead is expected to see a number of new arrivals to the city.

The beverage can maker Crown Bevcan will create 280 jobs when it moves into a new state-of-the-art manufacturing centre in Shrewsbury Road, Woodston.

Another landmark event, will be the opening in the spring of the Hilton Garden Inn hotel at Fletton Quays.

Fast food chains Wendy’s, Taco Bell and Tim Hortons are also poised to set up in the city over the next few months.