The North East Elevate Fund has made its first investment, supporting a new wellness destination in a historic listed building on Newcastle’s Quayside.
Reform Studio, owned by Victoria Darroch, a former financial services executive, will open in January 2026. The multi-floor studio offers Reformer Pilates, Barre, yoga, and sound healing classes in a 3,000 sq ft riverside space at 9-11 Side, said to be the city’s largest and first multi-floor Reformer Pilates studio.
The five-figure investment from the £35m Elevate Fund, launched in October and championed by North East Mayor Kim McGuinness, has enabled the creation of a unique wellness experience. Facilities include two purpose-built studios hosting over 72 weekly classes, 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.
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.”
Victoria Darroch, who left a 20-year career in finance to pursue her wellness vision, 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. I’ve recruited a highly experienced team of seven wellness professionals who are ready to welcome clients in the new year.”
Ruby Knowles, assistant investment executive at FW Capital, said: “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, hiring a team of experienced instructors to ensure a smooth launch.”
Jason Hobbs, chief executive of The North East Fund, added: “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.”
