FW Capital has announced the first investment through the new North East Elevate Fund, supporting Reform Studio, a dynamic wellness destination opening at Newcastle's iconic 9-11 Side on the Quayside.
The £35m North East Elevate Fund, launched in October and championed by North East Mayor Kim McGuinness, is designed to support business growth and innovation across the region. Backed by The North East Combined Authority, the fund provides bespoke funding to help local businesses realise their growth ambitions.
Kim McGuinness, North East Mayor, said: “This first deal from the North East Elevate Fund is a landmark moment for our region. Reform Studio embodies the ambition and innovation we want to see in the North East, and I’m proud to champion a fund that invests in businesses creating jobs and opportunities for local people. By supporting ventures like this, we’re building a healthier, more vibrant future for everyone in our communities.”
The investment with Reform Studio is the first time that FW Capital has been able to provide five figure funding to a smaller business, boosting support to a wider range of SMEs across the region. The new Fund can provide loans from £50,000 and can invest up to £1m in more established businesses.
Opening its doors in January 2026, Reform Studio is a multi-floor wellness studio, offering Reformer Pilates, Barre, yoga and sound healing classes in a unique listed building on the city’s Quayside. Set in a luxurious 3,000 sq ft studio, the space spans four floors offering two purpose-built studios hosting in excess of 72 weekly classes. Wellness facilities include an infra-red sauna and cold-plunge pool, a wellness café, a Reform Wear clothing boutique, a members-only secret garden overlooking the Tyne Bridge and corporate wellness programmes.
Reform Studio has been created by Victoria Darroch, a lifelong wellness advocate, wellness practitioner, and senior leader who has left the corporate world of finance to set up this new venture.
Victoria Darroch, Reform Studio Owner, said: “After years of burnout, stress, and searching for spaces that felt both grounding and inspiring, I left the corporate world to build something Newcastle hasn’t seen before. Reform Studio brings movement and mindfulness in one unique multi-floor destination on Newcastle’s iconic Quayside, all designed to create a full mind-body experience.”
For Victoria, launching her business after a 20- year career in financial services and supporting small businesses in the North East has been a welcome challenge.
She explains: “I am extremely excited to start this new chapter and have recruited a highly experienced team of seven wellness professionals who are ready to welcome clients in the new year. I’ve worked with the team at FW Capital in my previous roles, so I understand how the funding works and know the team well, so they were my first choice to approach for backing. The investment from the North East Elevate Fund has played an important role in helping me to launch the business and create jobs, bringing significant investment back into the North East.”
Joanne Whitfield, Fund Director at FW Capital said: “At FW Capital, we specialise in helping SMEs grow – whether that’s taking on new staff, moving to new premises, or supporting working capital. It’s all about generating economic growth in the region, and our investment in Reform Studio is a fantastic example of this. The North East Elevate Fund provides dedicated support throughout the investment process, and if you’re a trading business with a material presence in the North East Combined Authority area which is Northumberland, County Durham, and Tyne and Wear, there’s a good chance we can help through the new fund. We’ve been operating in the North East for 15 years. In that time we have supported over 200 businesses and invested almost £150 million. Reform Studio is set to become Newcastle’s new home of modern wellness, featuring the city’s largest Pilates studio alongside sound healing, outdoor flows, and more. Assisting dynamic businesses like this is exactly what the fund was created for – to stimulate growth and create jobs.”
Jason Hobbs, Chief Executive of The North East Fund said:”I am delighted that the first investment has been made from The North East Fund’s new programme. It has been financed in part by returns generated by previous regional investment funds, and it is pleasing to see that recycled funding being used to support the growth of more local businesses.”
To find out how FW Capital can support your business please email info@fwcapital.co.uk or visit our website www.fwcapital.co.uk or to find about more about the North East Fund visit www.northeastfund.org
For further details about Reform Studio please visit www.reform-studio.co.uk