Elevate Fund lifts wellness studio launch

A Newcastle-based wellness business is set to open a landmark city centre space after securing early backing from a new regional investment fund.

Reform Studio has become the first business to receive investment from the North East Elevate Fund, following a five-figure deal that has supported the launch of a multi-floor boutique wellness studio on the city’s Quayside. 

The £35 million Elevate Fund, launched in October to support business growth and innovation across the region, is part of the wider North East Fund and is managed by FW Capital.

Set within the listed 9-11 Side building, Reform Studio will open in January 2026 as Newcastle’s first multi-floor Reformer Pilates studio. 

Spanning 3000sq ft across four floors, the venue will host more than 72 weekly classes, including Reformer Pilates, Barre, yoga and sound healing.

The studio also features an infra-red sauna, cold plunge pool, wellness café, clothing boutique and a members-only garden overlooking the Tyne Bridge, alongside corporate wellness programmes aimed at city centre professionals.

Founded by former finance leader and wellness practitioner Victoria Darroch, who left the corporate world to pursue her passion for wellbeing, the business offers a personalised and accessible approach to physical and mental health in a central riverside location.

She said: “After years of burnout, stress, and searching for spaces that felt both grounding and inspiring, I left the corporate world to build something Newcastle hasn’t seen before. 

“Reform Studio brings movement and mindfulness in one unique multi-floor destination on Newcastle’s iconic Quayside, all designed to create a full mind–body experience.”

For Victoria, launching her business after a 20-year career in financial services and supporting small businesses in the North East has been a welcome challenge. 

She added: “I am extremely excited to start this new chapter and have recruited a highly experienced team of seven wellness professionals who are ready to welcome clients in the new year. 

“I’ve worked with the team at FW Capital in my previous roles, so I understand how the funding works and know the team well, so they were my first choice to approach for backing. 

“The investment from the North East Elevate Fund has played an important role in helping me to launch the business and create jobs, bringing significant investment back into the North East. 

“Our membership details are already live, and details can be found on our website.”

Ruby Knowles, assistant investment executive at FW Capital, added: “Reform Studio is set to become Newcastle’s new home of modern wellness, featuring the city’s largest Pilates studio with dual classes, sound healing, outdoor flows, and more. 

“Victoria has a well-developed business plan and has invested heavily in the project. 

“Prior to starting her own business, she was a high performing accountant with years of experience. 

“She has hired a team of experienced instructors and professionals, ensuring a smooth launch. 

“Reformer Pilates is a sector that has seen a significant level of growth in its popularity over the last few years and in Newcastle it is a market relatively untouched with only few competitors compared to other major cities. 

“Assisting dynamic businesses like this is what the North East Elevate Fund has been created for – to stimulate growth and create jobs. 

“It’s a fantastic first example of how the fund can make a real difference in boosting success.”

The investment marks the first announced deal from the Elevate Fund’s new programme, highlighting its role in supporting early-stage ventures and diversifying the North East’s business landscape.

North East mayor Kim McGuinness added: “This first deal from the North East Elevate Fund is a landmark moment for our region. 

“Reform Studio embodies the ambition and innovation we want to see in the North East, and I’m proud to champion a fund that invests in businesses creating jobs and opportunities for local people.

“By supporting ventures like this, we’re building a healthier, more vibrant future for everyone in our communities.”

Jason Hobbs, chief executive of The North East Fund, added: “I am delighted that the first investment has been made from The North East Fund’s new programme.  

“It has been financed in part by returns generated by previous regional investment funds, and it is pleasing to see that recycled funding being used to support the growth of more local businesses.”

To find about more about the North East Fund and its Elevate and Accelerate Funds, visit www.northeastfund.org.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →