MIDDLESBROUGH NEWS
NEW BANK SECURES EXTRA £ 28M PENSION FUND CASH
new Middlesbrough-based bank focused
A on delivering property finance to underserved regions has secured further backing from its cornerstone investor .
The Teesside Pension Fund has already invested £ 20m into GBB , which has offices in Centre Square . But it has now agreed to invest up to an additional £ 28m when GBB obtains its provisional banking licence , expected later this year .
The move underlines the fund ’ s commitment to supporting GBB ’ s mission of lending to SME property developers , playing a crucial role in the levelling up agenda and helping to get Britain building again . Currently , only around 235,000 of the government ’ s annual 300,000 housebuilding target is being met .
GBB , which recently appointed banking veteran Sue Hayes as chief executive officer and whose chairman is Paul Rippon , co-founder of digital banks Starling and
New GBB chief executive Sue Hayes
Monzo , is expecting to launch later this year following approval of its banking licence application .
The investment made by the £ 4.7bn Teesside Pension Fund is seen as a clear endorsement of the proposition , team and ongoing work as the bank is built .
Upon launch , GBB intends to provide property development loans of between £ 1m and £ 5m , with lending supporting regional property developers , small and medium-sized businesses and construction companies .
It aims to lend £ 3bn over five years , building a £ 1bn-plus balance sheet . It will fund almost 20,000 homes and several million square feet of office space , supporting the creation of more than 100,000 jobs .
The bank also promises competitive savings rates , which will be protected by the Financial Services Compensation Scheme .
Celebrity barber joins new concept in hair
A new barber concept that opened in Middlesbrough earlier this year has announced the appointment of an award-winning industry heavyweight as its brand ambassador and artistic manager .
Head Quarters , which has venues in Middlesbrough , Bishop Auckland and Darlington , welcomed Eric Way , who has dressed Shirley Bassey , Ivana Trump and cast members from Sex and the City and was mentored by Jimmy Choo .
Head Quarters ’ interiors feature leather Chesterfield sofas , traditional personalised barber chairs and a self-serve bar where customers can pull a beer .
The team has also created a styling product range that will be sold in-store and online .
LNER ’ s direct Middlesbrough- London timetable announced
LNER has announced new Azuma services will be introduced between Middlesbrough and London King ’ s Cross from Monday December 13 .
The daily weekday service in each direction will be LNER ’ s first direct link between Middlesbrough and the capital and will also connect nearby Thornaby directly with London .
The Azuma services will be the first wave of new LNER trains between Teesside and London . LNER ’ s new Azuma trains will leave Middlesbrough at 7.08am each morning , arriving at 10.22am , with a return service at 3.25pm .
Advance single tickets will start at £ 20.60 , with first-class from £ 60 . More regular direct services are planned .
BUSINESSES COMBINE IN SECURITY PARTNERSHIP
Businesses have come together to enhance security at the Waste Knot Energy Centre in Middlesbrough .
Vistech Security and Cornerstone Business Solutions , which both have gold member status with the MFC Foundation , partnered to supply specialist CCTV at the energy centre , which produces 250,000 tonnes of SIRF pellets a year from waste .
Having recently moved into premises in the port of Middlesbrough , Waste Knot – based at Riverside Park Road – deemed the security of the new energy centre to be crucial .
Vistech quickly designed and installed the specialist CCTV systems .
WORK BEGINS ON 222 GRESHAM HOMES
Work is under way to revitalise the Gresham area with 222 new homes .
Middlesbrough mayor Andy Preston joined Thirteen ’ s director of strategic partnerships Sharon Thomas to mark the start of work .
Work started in March but due to Covid restrictions the official ceremony was delayed .
The scheme – Union Village – signifies the union of the old development with the new . Delivered by Thirteen , it will focus on land between Diamond Road and Union Street .
The development will deliver new , affordable and much-needed homes , regenerating part of central Middlesbrough by bringing derelict land back to life .
The voice of business in the Tees region | 125