Develop North PLC has renewed its £7 million revolving credit facility with Shawbrook Bank as the North East-based investment company continues to back real estate schemes across the North of England and Scotland.
The London Stock Exchange-listed firm, managed by Newcastle fund manager Tier One Capital, will use the facility to accelerate high-quality development projects, with a strong emphasis on supporting growth in the North East.
The renewal reflects Shawbrook’s continued confidence in Develop North’s regional mission, which centres on using flexible, alternative finance to help developers bring forward schemes with tangible social and economic impact.
Since launching in 2017, Develop North has supported more than 43 developments worth over £280 million in Gross Development Value, helping to create an estimated 12,000 jobs. The company has deployed almost £90 million in capital to date, and two-thirds of its 16 active projects are based in the North East.
Recent deals include a £2.4 million facility for Newcastle-based developer Modo Bloc to deliver a new retail scheme in South Shields, and a £1.2 million loan to convert a Georgian townhouse in Edinburgh into a boutique smart hotel.
Brendan O’Grady, Fund Manager at Tier One, said the renewed support from Shawbrook was crucial in helping Develop North respond quickly to opportunities. “This facility plays a vital role in enabling us to deliver flexible investment solutions that unlock real estate opportunities across the North East and Scotland,” he said. “We’re pleased to continue our strong relationship with Shawbrook as we back schemes that create jobs, homes, and regeneration where it is most needed.”
Chris Swanson, Associate Director at Shawbrook Bank, added: “Develop North has a clear regional focus, a proven track record, and an experienced management team. We are delighted to renew the facility and look forward to seeing the positive impact of the opportunities it enables.”
The renewal comes during what the company has described as a “transformative period”, as Develop North looks to broaden its investment policy and explore a potential fundraise to expand its activity in real estate, business finance, and regeneration across the North East.
