The North East Elevate Fund has announced its very first investment deal, backing Reform Studio, a dynamic new wellness destination opening in Newcastle’s iconic 9-11 Side on the Quayside.
The £35m Elevate Fund, launched in October and championed by North East Mayor Kim McGuinness, is designed to support business growth and innovation across the region.
Kim McGuinness, North East Mayor, said:
“This first deal from the North East Elevate Fund is a landmark moment for our region. Reform Studio embodies the ambition and innovation we want to see in the North East, and I’m proud to champion a fund that invests in businesses creating jobs and opportunities for local people. By supporting ventures like this, we’re building a healthier, more vibrant future for everyone in our communities.”
A five-figure investment from the Elevate Fund has enabled Reform Studio to open its multi-floor wellness studio, offering Reformer Pilates, Barre, yoga and sound healing classes in a unique listed building on the city’s Quayside. The fund is part of the North East Fund and managed by FW Capital, with Reform Studio marking the first funding deal to be announced from the North East Fund’s new programme.
Launching in January 2026, Reform Studio delivers a personalised and accessible riverside location designed to elevate the wellness experience, support physical strength and boost mental wellbeing. It is the largest and first multi-floor Reformer Pilates studio in the city centre, appealing to professionals working in the city centre.
Set in a luxurious 3,000 sq ft studio, the space spans four floors offering two purpose-built studios hosting in excess of 72 weekly classes. Wellness facilities include an infra-red sauna and cold-plunge pool, a wellness café, a Reform Wear clothing boutique, a members-only secret garden overlooking the Tyne Bridge and corporate wellness programmes.
Reform Studio has been created by Victoria Darroch, a lifelong wellness advocate, wellness practitioner, and senior leader who has left the corporate world of finance to set up this new venture.
Victoria Darroch, Reform Studio Owner, said:
“After years of burnout, stress, and searching for spaces that felt both grounding and inspiring, I left the corporate world to build something Newcastle hasn’t seen before. Reform Studio brings movement and mindfulness in one unique multi-floor destination on Newcastle’s iconic Quayside, all designed to create a full mind–body experience.”
For Victoria, launching her business after a 20-year career in financial services and supporting small businesses in the North East has been a welcome challenge. She explains: “I am extremely excited to start this new chapter and have recruited a highly experienced team of seven wellness professionals who are ready to welcome clients in the new year. I’ve worked with the team at FW Capital in my previous roles, so I understand how the funding works and know the team well, so they were my first choice to approach for backing. The investment from the North East Elevate Fund has played an important role in helping me to launch the business and create jobs, bringing significant investment back into the North East. Our membership details are already live, and details can be found on our website.”
Ruby Knowles, Assistant Investment Executive at FW Capital, added:
“Reform Studio is set to become Newcastle’s new home of modern wellness, featuring the city’s largest Pilates studio with dual classes, sound healing, outdoor flows, and more. Victoria has a well-developed business plan and has invested heavily in the project. Prior to starting her own business, she was a high performing accountant with years of experience. She has hired a team of experienced instructors and professionals, ensuring a smooth launch. Reformer Pilates is a sector that has seen a significant level of growth in its popularity over the last few years and in Newcastle it is a market relatively untouched with only few competitors compared to other major cities. Assisting dynamic businesses like this is what the North East Elevate Fund has been created for – to stimulate growth and create jobs. It’s a fantastic first example of how the fund can make a real difference in boosting success.”
Jason Hobbs, Chief Executive of The North East Fund said:
“I am delighted that the first investment has been made from The North East Fund’s new programme. It has been financed in part by returns generated by previous regional investment funds, and it is pleasing to see that recycled funding being used to support the growth of more local businesses.”
To find about more about the North East Fund and its Elevate and Accelerate Funds, visit https://www.northeastfund.org/
For further details about Reform Studio please visit https://www.reform-studio.co.uk
