Develop North hails progress as revenues rise

An investment firm has saluted its progress in a “fluctuating” economy after seeing income rise.

Develop North recorded revenue of £1.036 billion in the six months to May 31.

Profit stood at £494,000 with a net asset value total return of 2.5 per cent.

Bosses say its portfolio now stands at £21.6 million from 15 live projects across the North of England and Scotland.

In its latest six-month reporting period, the firm agreed a £2.4 million, 11-month facility to support the development of a retail scheme in South Shields, and a £1.2 million, 18-month loan to finance an Edinburgh hotel.

Three portfolio exits were completed, bringing the number to 26 since the investment company – which is overseen by Newcastle-based fund manager Tier One Capital – was founded in 2017. 

John Newlands, Develop North chair, said: “Whatever the external backdrop, people will always need houses.

“Banks and building societies will also always need to offer mortgages to millions of people to make their own businesses work.

“And there is widespread agreement of a crucial shortage of housing stock across the UK.

“Develop North and its management team stands ready to play its part over the coming months and years.”

Brendan O’Grady, Tier One Capital fund manager, added: “The first half of 2025 has seen solid progress and continued demand for flexible, regional investment solutions.” 

Since its founding in 2017, officials say London Stock Exchange-listed Develop North has supported more than 40 projects and helped create in excess of 12,000 jobs.

It last month unveiled a real estate growth blueprint aimed at expanding financial support for North East businesses, housing and regeneration projects.

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