'This is the largest debt investment made': Northern Ireland hospitality group secures £3m investment to fuel UK and Ireland expansion
Freight Island is planning further venues after opening its latest site in Newcastle-upon-Tyne, which will create 300 jobs
Belfast-headquartered hospitality and entertainment company Freight Island has secured a £3m loan from the Investment Fund for Northern Ireland to support its expansion across the UK and Ireland.
The investment, managed by Whiterock, has helped fund the fit-out of Freight Island’s newest venue in Newcastle-upon-Tyne, which opened in June.
Northern Irish entrepreneurs Richard Irwin and Stephen Symington joined forces with Jon Drape and Gareth Cooper, co-founders of entertainment brands including Broadwick Live, Warehouse Project and Parklife, to develop the Freight Island concept, combining social dining, live entertainment, music and nightlife.
The company currently operates venues in Manchester, Leeds and Brixton in London, alongside its Newcastle site, with further expansion planned. Phase two of Freight Island Leeds is due to open in 2027, with additional venues to follow.
Headquartered in Belfast, the group also showcases Northern Ireland musical talent and produce across its venues, including products from award-winning Titanic Distillers.
The Newcastle venue occupies the former Debenhams site at Eldon Square and features a 12-kitchen food market, alongside new live-fire restaurant WYLD, which opened last week.
The £3m investment from Whiterock supported the development of the Newcastle site, which the company has transformed from a former department store into a new hospitality and entertainment destination.
The venue is expected to create 300 jobs and will also feature a landmark music venue, due to open in early 2027.
Dan Morris, managing director at Freight Island, said: “Our mission is to create one of the most exciting hospitality and entertainment spaces in the country.
"The scale and flexibility of the venue allows us to host everything from relaxed daytime dining to major live events and late-night programming within a single destination.
"The Freight Island team has worked closely with Whiterock to secure this investment, which has been invaluable as we transformed our venue in Newcastle from a derelict department store into a unique neighbourhood enabling us to support emerging talent, welcome touring acts, and collaborating with brands and organisations. Freight Island Newcastle will create 300 jobs, nurture creative careers and deliver long term value.”
Jamie Cairnduff, head of portfolio at Whiterock, said the investment reflected its commitment to helping Northern Ireland founders scale ambitious businesses.
He explained: “This is an exciting investment for Whiterock and reflects our continued commitment to helping Northern Ireland founders scale ambitious businesses and become leaders in their industries.
"Freight Island has established a bold and innovative concept, bringing together the very best of live entertainment, music and hospitality. We are delighted to support the team in bringing Freight Island to Newcastle upon Tyne. The new venue will showcase Northern Ireland and GB’s entrepreneurial talent to audiences across the UK and Ireland. We look forward to seeing Freight Island Newcastle continue to grow with the opening of WYLD Restaurant this week and its landmark music venue in early 2027."
Sue Barnard, senior investment manager - UK & Regional Funds at British Business Bank, added: "This is the largest debt investment made through the Investment Fund for Northern Ireland, and it reflects the scale of ambition behind Freight Island's growth.
"Freight Island has grown into one of the UK's leading social dining and entertainment brands, with venues now spanning Manchester, Leeds, Brixton and Newcastle. Supporting businesses at this stage of expansion is exactly why the Fund was established.
"We're proud to see Freight Island carrying Northern Ireland's exceptional musical talent and world-class produce onto bigger stages, and we look forward to following the next phase of its growth."
Operated by the British Business Bank, the £100m Investment Fund for Northern Ireland offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland at different growth stages. Invest Northern Ireland has committed £29.2m to the fund, through its Access to Finance portfolio of loan and equity funds.