Develop North PLC (Develop North), the investment fund providing loans to property developers in the North of England and Scotland, is supporting the construction of a new warehouse facility in Darlington.
Developed by Jaymac Pallet Services, the new facility is being built on the Faverdale Industrial Estate having secured a circa. £2.2m funding package from Develop North, which is managed by Tier One Capital Ltd (Tier One), the Newcastle-upon-Tyne-based wealth management and fund management specialists.
The development on the 3.7 acre site will feature a pair of connected industrial units, with around 17,000 sq ft of space for storage and manufacturing. It will undertake the storage, repair and supply of pallets for the food, industrial manufacturing and medical industry.
Jaymac Pallets is a family-run business founded in 1997. It has its main facility in Team Valley, serving the Tyne and Wear region.
The site will operate 24 hours a day and will create in the region of 30 jobs once fully operational.
Since it was founded in 2017, Develop North has successfully provided funding to support the construction of 34 residential and commercial projects across the North East of England and Scotland. These projects have received debt funding totalling £73million, which has created an estimated development value of £186 million, contributing significantly to the growth and prosperity of the regions it supports.
Brendan O’Grady, Fund Manager at Tier One, said: “We’re delighted to be supporting Jaymac Pallets’ North East expansion with a funding package that will create a modern, sustainable facility in a key location in Darlington. We are excited to support another North East development looking to create jobs and promote economic development in the region, both of which are key objectives of Develop North.
“The management team has ambitious plans to grow the business, delivering local jobs and encouraging skills development through its apprenticeship schemes, alongside its sustainability activities, which offer its clients waste solutions through its Recover, Repair, Reuse and Recycling services.”
Jay Macari, Manging Director of Jaymac Pallet Services, said: “Jaymac Pallet Services appreciate the support offered from the team at Tier One Capital and Develop North enabling our business to grow and, in turn, support the local community.
“The build represents the next step in Jaymac Pallet Services’ strategy to become the most sustainable pallet supplier in the North of England. The site has been designed with the environment in mind and moves us closer to our key customer base. The extra space that the site brings also allows us to extend our wider solutions offering, enabling us to store, sort and unpack goods in response to strong customer demand for these services.”
www.tieronecapital.co.uk