Develop North PLC, the Newcastle-based investment fund providing finance to property developers across the North of England and Scotland, has completed the funding support of the £2million transformation of The Croft Hotel, creating a thriving wedding and events venue in the heart of the region.
Located at Croft-on-Tees near Darlington, the Grade II-listed hotel is the latest addition to The Apartment Group’s growing portfolio of unique wedding venues.
Utilising Develop North’s funding, the historic property has undergone extensive renovations, including the addition of six new bedrooms, an Enchanted Wedding Chapel, a revamped function suite, upgraded restaurant and wellness facilities and landscaped gardens.
The successful completion of The Croft Hotel project demonstrates Develop North’s ongoing commitment to supporting businesses and developments that bring real value to the region.
Managed by Tier One Capital, the Newcastle-based wealth management and fund management specialists, the fund has, to date, provided more than £80 million in funding to residential and commercial property developments, helping create significant economic growth in the North of England and Scotland.
Brendan O’Grady, Fund Manager at Tier One Capital, said: “We’re proud to have supported The Apartment Group in transforming The Croft Hotel into a high-quality wedding venue. This project highlights how Develop North’s alternative lending can help dynamic, entrepreneurial businesses make a meaningful impact on the local economy.
“The North East has a rich heritage and incredible potential, and by supporting projects like this, we can contribute to both regeneration and economic growth while creating opportunities for businesses and communities.”
The Apartment Group’s plan for the hotel has already created 17 new jobs, with further opportunities anticipated as the venue continues to attract bookings.
The business, which operates several distinctive venues across the North East, has shown its ability to breathe new life into historic properties while driving regional tourism and enterprise.
Originally built in the early 19th century as a spa hotel, The Croft Hotel overlooks the River Tees and is close to major attractions including the Yorkshire Dales, North York Moors, and North Pennines Area of Outstanding Natural Beauty.
Stuart Bailey, CEO of The Apartment Group, said: “The Croft Hotel has become an outstanding addition to our portfolio, and the investment has delivered a spectacular setting for weddings and events. It’s been incredible to see how the venue is now flourishing with couples from across the region choosing to celebrate their special day here.
“Develop North’s support was invaluable in realising our vision for the hotel, which has created new jobs and provided a real boost to the local economy. It’s fantastic to partner with a fund that truly believes in the potential of businesses like ours.”
To see more please Click Here