Develop North predicts ‘bright future’ for 2025
Develop North PLC, managed by fund management specialists, Tier One Capital, has shared its annual results for the year ending November 30, 2024.
The company recorded a profit of £1.17 million and a net asset value total return of 6.3 per cent.
In this period, £9.2 million was invested into seven projects, with successful exits now totalling 23 since the company’s founding in 2017.
Since its launch, Develop North has invested almost £100 million into 40 projects across the North of England and Scotland, creating more than 3,200 jobs with a gross development value of almost £250 million.
Recent successful projects have included a £2.2 million, 30-month facility to fund the construction of a new warehouse in Darlington, a £1.1 million, 24-month facility to refurbish a hotel and wedding venue in North Yorkshire, and a £2.7 million residential development in Hexham.
John Newlands, chairman of Develop North, said: “The year under report has proved a successful one for Develop North, despite a testing economic background, with key achievements including an increase in net asset value per share and a rock solid stream of valuable quarterly dividends being paid out.
“Although sentiment has dipped following the Autumn budget, and businesses clearly face additional costs, we continue to have a positive outlook for 2025.
“Our core region, the North East of England, is particularly well positioned for growth, which is positive for the long-term benefit of Develop North and its shareholders.”
The company, listed on the main market of the London Stock Exchange, provides financial solutions ranging from £0.5 million to £5 million to professionals and businesses across the North of England and Scotland.
Brendan O’Grady, fund manager at Tier One, said: “The diversity of the projects we support, from industrial premises to hospitality venues, retail schemes and new home developments, highlights the growing importance of Develop North to credible professionals and businesses who are contributing tangible benefits to the economy of the North East of England and Scotland.
“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 market place.
“The Tier One Fund Management team is now looking to capture exciting growth opportunities in the next stage of our development, as we explore investment opportunities and develop potential new partnerships.”