Two entrepreneurs from Northumberland have secured £315,000 in funding to launch a property development business focused on New Garth house.
Tony Johnson (pictured, centre right) and Lauren Beeforth (pictured, far right) established TJLB Developments to purchase and refurbish the office complex in Guisborough, Cleveland.
The funding, provided by Reward Funding, will be used for the acquisition and necessary renovations of the 4,595 sq. ft. office complex, previously owned by an accountancy firm.
The building is located in Guisborough town centre and is expected to attract businesses in the retail and healthcare sectors.
TJLB Developments has plans to invest in and develop more properties within the next year.
Johnson said: “Launching any new business is always difficult. However, being able to fund the acquisition of New Garth House and the necessary refurbishment work is just the springboard we needed.
“We wanted to move fast to capitalise on the market opportunity presented by this unique development, so needed to secure funding within a tight timeframe to get the transaction over the line and make swift progress with the building renovation.
“This is where Reward was able to support, as the team invested the time in understanding our business needs and were able to provide an agile finance solution.”
Aaron Tinmouth (pictured, centre left), business development manager for Reward Funding, said: “Being able to give entrepreneurs in the North East the financial catalyst to launch a new business and drive economic growth in the region is hugely rewarding.
“In the fast-paced commercial property market, we recognise that developers like TJLB need to access funding quickly to either realise new investment opportunities, leverage existing assets or bridge a sale.
“We’re delighted to have been so responsive in enabling the client to secure their first property and look forward to the transformation of New Garth House and seeing their continued success.”
The funding deal was facilitated by Paul Grace (pictured, far left), director at YB Financial Advisory.
Grace said: “I was delighted to work with Tony, Lauren and Reward Funding on this property acquisition. It was a great fit of culture and shared business objectives which made the process seamless.
“It’s great to see this property being brought back to life and I’m sure it will be in high demand across the local business community.”
