A pair of entrepreneurs are launching a new property development business following £315,000 finance deal to purchase and revamp a new office complex in Cleveland.

Tony Johnson, who operates a a series of businesses in sectors such as automotive across the North East, has just established TJLB Developments with fellow director Lauren Beeforth and is leveraging the funding provided by Reward Funding to complete its first acquisition – New Garth House in Guisborough.

TJLB Developments will also utilise the working capital facility to undertake refurbishments on New Garth House and make it available for businesses to rent, with interest already being received from local companies in the retail and healthcare space.

The building, formerly owned by an accountancy firm, spans 4,595 sq. ft. and provides convenient access to local amenities due to its prime location in Guisborough town centre.

Johnson (pictured, second from right) 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.

“We have ambitious growth plans for TJLB Developments across the region, with New Garth House as the first piece of the jigsaw in our aims to invest in and develop a further five properties in the next 12 months.”

Aaron Tinmouth (pictured, left), business development manager for Reward Funding in the North East, 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 deal between Tony and Reward Funding was brokered by Paul Grace, director at YB Financial Advisory.

Grace added: “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.”

Pictured (L-R): Paul Grace (YB Financial Advisory), Aaron Tinmouth (Reward Funding), Kate Spratt (YB Financial Advisory), Tony Johnson and Lauren Beeforth from TJLB Developments.