North East entrepreneurs launch property venture

A North East-based property development business is set to expand its portfolio following a funding boost.

Northumberland entrepreneurs Tony Johnson and Lauren Beeforth have launched TJLB Developments thanks to a £315,000 deal from Reward Funding, which they say will provide the “springboard” to realising “ambitious growth plans” over the next 12 months. 

The investment has supported the purchase of New Garth House, a 4595sq ft office complex in Guisborough, east Cleveland, which will be transformed into rental spaces for local businesses.

The funding will also aid refurbishment plans to modernise the property, previously owned by an accountancy firm, to ensure it meets future tenants' needs.

Revealing New Garth House has already attracted interest from retail and healthcare companies, Tony said: “Launching any new business is always difficult. 

“However, being able to fund the acquisition of New Garth House and the necessary refurbishment work is just the springboard we needed. 

“We wanted to move fast to capitalise on the market opportunity presented by this unique development, so needed to secure funding within a tight timeframe to get the transaction over the line and make swift progress with the building renovation. 

“This is where Reward was able to support, as the team invested the time in understanding our business needs and were able to provide an agile finance solution.”

Aaron Tinmouth, business development manager for Reward Funding in the North East, added: “Being able to give entrepreneurs in the North East the financial catalyst to launch a new business and drive economic growth in the region is hugely rewarding. 

“In the fast-paced commercial property market, we recognise that developers like TJLB need to access funding quickly to either realise new investment opportunities, leverage existing assets or bridge a sale. 

“We’re delighted to have been so responsive in enabling the client to secure their first property, and look forward to the transformation of New Garth House and seeing their continued success.”

The deal between TJLB and Reward Funding was brokered by Paul Grace, director at YB Financial Advisory.

He added: “I was delighted to work with Tony, Lauren and Reward Funding. 

“It was a great fit of culture and shared business objectives, which made the process seamless. 

“It’s great to see this property being brought back to life and I’m sure it will be in high demand across the local business community.”

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