Newcastle investors support £2m renovation of historic North Yorkshire hotel into wedding venue

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The £2m transformation of a spa hotel near Darlington into a wedding and events venue has been completed following funding support from North East investor Tier One Capital.

The Apartment Group’s redevelopment of The Croft Hotel in Croft-on-Tees has already created 17 jobs, with the expectation of more in the future. The Newcastle-based leisure group, which owns and operates hotels, restaurants and bars across the North East, acquired the Grade II listed property in early 2023 for an undisclosed sum and set about upgrading it to fit its portfolio of wedding venues.

Funding from the Develop North fund has helped the firm carry out extensive renovations including the building of six new bedrooms to add to the 24 at The Croft, a refurbished function suite, upgrades to the hotel’s restaurant, wellness facilities, landscaped gardens and an ‘enchanted wedding chapel’.

It is the latest project for The Apartment Group which has specialised in renovating historic properties for the wedding market, including Grade II listed Whitworth Hall and Lartington Hall in County Durham, among others. The Croft Hotel was originally built in the early 19th century as a spa hotel and lies close to key tourism areas including the 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.”

The London Stock Exchanged-listed Develop North fund is managed by Newcastle-based wealth management and fund management firm Tier One Capital. To date, it has invested more than £80m in residential and commercial property developments 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.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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Newcastle investors support £2m renovation of historic North Yorkshire hotel into wedding venue

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