Develop North supports Jaymac store deal

A pallets firm says it is “well-positioned for future growth” after securing a supermarket deal.

Jaymac Pallet Services is working on a “long-term contract with a top four chain”.

The deal comes after the Darlington company built a 17,000sq ft warehouse following £2.15 million support from investment fund Develop North.

Bosses say the partnership also helped build a team of advisors to guide the Faverdale Industrial Estate-based pallet storage, repair and supply firm’s transition from an owner-managed business to a scalable operation.

As part of the agreement, Develop North – which is managed by Newcastle-based wealth and fund manager Tier One Capital – has now exited its arrangement, with Jaymac subsequently securing a commercial mortgage and re-finance support with NatWest.

Jay Macari, Jaymac Pallet Services managing director, said: “We’re incredibly grateful for the support from Develop North and the team at Tier One Capital.

“With our new facility up and running, and the excellent relationship we’ve built with a leading supermarket, we are well-positioned for future growth.”

Brendan O’Grady, Tier One Capital fund manager, added: “It’s particularly pleasing to see the company transition into a larger business, which has not only been supported by the funding Develop North provided but also by the close advisory support Tier One Capital gave.”

Develop North supports businesses across North East England and Scotland, and has provided more than £74 million in debt funding to 36 residential and commercial projects.

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