Develop North 'positive for 2025' after strong results

An investment company has hailed its resilience against a “testing economic background” after notching an annual profit.

Develop North PLC saw earnings hit £1.17 million in the year to November 30.

And bosses say the venture is primed to maintain its momentum, with its native North East “particularly well positioned for growth”.

The business, managed by Newcastle-based fund manager Tier One Capital, provides financial support between £500,000 and £5 million to individuals and businesses across the North of England and Scotland.

Officials say the London Stock Exchange-listed operator pumped £9.2 million into seven projects during its last 12-month reporting period.

Headline schemes included a Darlington warehouse development, a hotel and wedding venue refurbishment and a Hexham residential project.

John Newlands, Develop North chair, said: “Although sentiment has dipped following the Budget, and businesses clearly face additional costs, we continue to have a positive outlook for 2025.

“This view is underpinned by stable inflation forecasts, improving house prices and Government plans to encourage more ambitious housing planning and construction across the UK.”

Brendan O’Grady, Tier One Capital fund manager, added: “We have experienced a positive year, building strong relationships with clients and partners, which is continuing into the current financial year.

“Devolution and a changing investment and development landscape have created real opportunities for a trusted local fund with a focus on the North East and a real depth of knowledge of the local marketplace.”

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