City growth company set to be 'wound up'

The business group aimed to boost growth and job opportunities in Peterborough

A company that was created to boost economic growth and job opportunities in a city is set to be wound up.

Peterborough City Council recommended that councillors voted to cease Opportunity Peterborough to save £10,000 a year.

It set up the company in 2005 to support economic growth in the city, including providing better job opportunities and life chances for local people.

A statement from Opportunity Peterborough, which is wholly owned by the council, said it had "long been the city's lead for inward investment and economic growth".

In February 2023, staff at Opportunity Peterborough moved to the council to deliver their services in-house.

The statement said: "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 being presented to councillors on Tuesday said the company had no current employees and would save the council £10,000 a year if wound up.

Their work involved attracting new companies to the city, making sure students and workers have the right skills, and supporting businesses to grow and be innovative.

It said it had provided services such as leading the response to "major job crises" with the closures of John Lewis and Debenhams, and organising a jobs fair after Thomas Cook shut.

The company's work would be carried out by the council's economic growth and development team instead.

Earlier this year, councillors voted to wind up a venture set up by Opportunity Peterborough, called the Smart Manufacturing Alliance, after it ran out of funds.