Shares of Develop North plc, the Newcastle-based investment company, rose as much as 10% after it announced the appointment of former Newcastle City Council development executive Michelle Percy as its new CEO with immediate effect.
Percy’s appointment comes as the company enters the next phase of its growth following the publication of its prospectus and the launch of a £58 million fundraise.
Since Develop North’s London IPO in 2017, it has invested almost £90 million of capital into the North of England and Scotland and has helped support an estimated 12,000 jobs with a gross development value of more than £280 million.
Develop North is advised by Newcastle-based fund management specialist Tier One Capital.
“Michelle joins Develop North after almost nine years at Newcastle City Council, where she played a leading role in fostering public-private partnerships and attracting inward investment,” said Develop North.
“She worked on major regeneration and development projects which formed part of a development pipeline valued at approximately £7 billion.
“Michelle was also closely involved in engaging with major investors and stakeholders, including working alongside Newcastle United’s leadership following the club’s takeover by a Saudi-led consortium.
“Prior to joining Newcastle City Council, Michelle was a Director at Clouston Group, where she contributed to landmark developments including the Stephenson Quarter and the Crowne Plaza Hotel in Newcastle.
“Michelle will not join the Board of Directors at this time. Michelle is independent of Tier One Capital Ltd, Broadoak Asset Management Limited and Homes or Houses Limited.”
Percy said: “I am proud to join Develop North at such an important moment for both the Company and the North East. Develop North has a unique role in unlocking inward investment and giving people the opportunity to invest in the region’s future.
“This appointment builds on my long-standing commitment to a region I care deeply about, and I look forward to helping develop a platform that channels capital into projects that deliver meaningful impact.”
Develop North plc chairman John Newlands said: “Michelle brings an outstanding pedigree to Develop North, with a strong track record across the North East in securing investment, delivering major regeneration schemes and building strategic partnerships.
“The board is confident that her appointment will support Develop North’s next phase of growth.”
Develop North added: “Michelle is one of the North East’s most well-known and highly connected regeneration and development leaders, with a strong track record of attracting investment and delivering complex, high-profile real estate and infrastructure schemes.
“Her appointment comes at a pivotal moment for Develop North, which has set out its ambition to evolve into a £300m assets-under-management platform, supporting regeneration, job creation and economic growth across the North East.
“Michelle joins the company following almost nine years at Newcastle City Council, where she played a pivotal role in fostering private-public partnerships and unlocking significant inward investment.
“During her time at the council, she worked on major regeneration and development projects in Newcastle-upon-Tyne including Forth Yards, Pilgrim Street and Newcastle Helix, and was instrumental in securing funding for the restoration of the iconic Tyne Bridge, ahead of its centenary in 2028. Collectively, the schemes she helped deliver formed part of a development pipeline valued at almost £7 billion.”
Percy added: “I am so proud to be taking on this role at such an important moment for Develop North and for the North East more broadly. The region is continuing to attract national and international interest, and Develop North has a unique role to play in helping to unlock inward investment while also giving people who live here, or who are from here, the opportunity to invest directly in the future of the region.”
“Develop North offers a compelling way for investors to play a part in shaping the North East’s next chapter, supporting regeneration, jobs and long-term economic growth. For me personally, this role is a continuation of my long-standing commitment to a region I care deeply about, and I’m excited to help build a platform that channels capital into projects that make a real difference.”