Member News
Develop North PLC (Develop North), the North East-based investment company managed by Newcastle-based fund management specialists Tier One Capital (Tier One), has renewed its £7 million revolving credit facility with Shawbrook Bank for a further 12 months.
The London Stock Exchange-listed investment company will continue to use the facility to support high-quality real estate investment opportunities across the North of England and Scotland, with a particular focus on North East England.
The renewal represents Shawbrook’s ongoing commitment to Develop North’s strategy of backing regional regeneration through flexible, alternative finance that enables developers to deliver schemes with meaningful social and economic impact.
Since its inception in 2017, Develop North has supported more than 43 developments with a combined Gross Development Value (GDV) of more than £280m and helped create an estimated 12,000 jobs. To date, the company has deployed almost £90m in capital, with 16 projects in its current live portfolio, more than two-thirds of which are in the North East.
Recent investments include a £2.4m facility to support a retail scheme in South Shields by Newcastle-based developer Modo Bloc, and a £1.2m loan to finance the conversion of a Georgian townhouse in Edinburgh into a boutique smart hotel.
Brendan O’Grady, Fund Manager at Tier One, said: “We are pleased to continue our strong relationship with Shawbrook. Its support allows us to deliver flexible investment solutions that help unlock real estate opportunities across the North East and Scotland. This facility plays a vital role in ensuring we can respond quickly to opportunities, support our shareholders’ objectives, and support schemes that create jobs, homes, and regeneration where it is most needed.”
Chris Swanson, Associate Director at Shawbrook Bank, said: “Develop North has a clear regional focus, a proven track record, and an experienced management team. Having supported the company for many years, we are delighted to renew the facility and look forward to seeing the positive impact of the opportunities it enables.”
This renewal comes during what Develop North’s leadership has described as a ‘transformative period’ for the company. Alongside maintaining its existing investment portfolio, Develop North has announced plans to broaden its investment policy and launch a potential fundraise to significantly expand its ability to support real estate, business finance, and regeneration projects in the North East.
