North East Deals of the Week: Key Contracts, Acquisitions and Investments

GB Bank, based in the north-east of the country, announced the decision plans to double its workforce after securing £85m of new investment.

A Middlesbrough-based bank specializing in financing real estate projects for developers and SME investors has raised additional capital from new investor Hera Holdings and current shareholder of the Teesside pension fund. Jersey-based Hera Holdings will invest an initial £40m in GB Bank over the next 12 months, with a view to making a further £40m available over two years.

The Teesside Pension Fund, which provides pensions for local authority workers in Teesside, is investing a further £5 million as one of GB Bank’s original investors. GB Bank said the new investment would enable it to increase its lending capacity to businesses looking to finance property investment and regeneration across the UK, as well as doubling its current workforce of 42 people.

GB Bank CEO and co-founder Stephen Lancaster said: “This investment allows us to support even more developers and investors with the vital financing they need, while delivering the exceptional customer service that has been our hallmark since day one.”

SSE Energy Solutions has signed a memorandum of understanding (MoU) with Newcastle City Council in a partnership that aims to accelerate the delivery of the Net Zero Action Plan, while supporting a future workforce with green skills.

As part of the move, the energy giant is to open a regional headquarters in Newcastle, which will create jobs and accelerate decarbonization across the city. The MoU commits to providing more long-term, skilled jobs for local people in a low-carbon economy, by strengthening the city’s position at the forefront of the green industrial revolution.

The FTSE 100 listed company based in Perth, Scotland operates across the UK and Ireland, helping local authorities and businesses work towards net zero emissions. The agreement with the authority follows the designation of Newcastle and the River Tyne Economic Corridor as a priority area for the £160 million North East Investment Zone, which will drive clean energy investment and innovation.

City Council leader Nick Kemp said: “SSE’s commitment to Newcastle is a significant step towards achieving our net zero ambitions and will help support inclusive economic growth in communities across the city.