According to data from the BBC Shared Data Unit, 12 Peterborough businesses filed for insolvency during the lockdown period between March 24 and June 30. During the same period in 2019, there were 8 companies in the local authority that went into liquidation.
Promisingly, 656 new businesses were registered in Peterborough during the lockdown months from April to June. The new businesses are predominantly retail by mail order/internet, but management or IT consultancy and takeaway food have also been popular choices for entrepreneurs.
Experts have noted that government support for companies has helped avoid large numbers filing for insolvency, but say that as lockdown lifts there may be further difficulties for businesses.
Additional research from the BBC Shared Data Unit reveals that Peterborough City Council was initially funded £34,450,000 as an emergency business grant.
These emergency grants were announced by the government on March 17, to ensure that businesses had access to the funds they would need to see the lockdown period through. Local authorities were given a support fund that local businesses could then apply for.
As of April 19, the local authority had identified 2,806 businesses that may be eligible to receive a grant – and had made grant payments to 1,243 businesses to a value of £15,040,000. The average sum paid was £12,100.