A pioneering wellness studio in Newcastle has secured a landmark investment, becoming the first business to receive backing from a major new regional support scheme.
A Landmark Deal for Regional Growth
Reform Studio, a new fitness and wellness destination set to open on Newcastle's iconic Quayside in January, has been announced as the inaugural recipient from the £35 million North East Elevate Fund. The fund, which launched in October 2025, is managed by FW Capital and forms part of the wider North East Fund. Its purpose is to stimulate business growth and innovation across the region.
A five-figure sum from the Elevate Fund has enabled founder Victoria Darroch to transform her vision into reality. Darroch left a career in corporate finance to establish Reform Studio after experiencing personal burnout and identifying a gap in the local market for a comprehensive mind-body wellness destination.
Building a Unique Wellness Destination
The studio, located at the Side on the Quayside, promises a multi-floor experience unlike anything else in the city. Its offerings will include:
- Reformer Pilates, featuring the city's largest studio with capacity for dual classes.
- Barre and yoga sessions.
- Sound healing classes and outdoor 'flow' sessions.
"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," said Victoria Darroch. "Reform Studio brings movement and mindfulness in one unique destination, all designed to create a full mind–body experience."
Confidence in a Growing Market
Ruby Knowles, assistant investment executive at FW Capital, highlighted the strength of Darroch's proposal and the market opportunity. "Victoria has a well-developed business plan and has invested heavily in the project. She was a high-performing accountant and has hired a team of experienced instructors to ensure a smooth launch," Knowles stated.
She also pointed to the significant growth in popularity of reformer pilates nationally and noted that the Newcastle market remains relatively underserved compared to other major UK cities, presenting a clear opportunity for Reform Studio.
North East Mayor Kim McGuinness hailed the deal as a pivotal moment. "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," she said. "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."
The successful funding application marks a significant first step for the Elevate Fund, demonstrating its commitment to boosting dynamic businesses that contribute to economic growth and job creation in the North East.
