Hospitality and entertainment company Freight Island has secured a £3m loan from the Investment Fund for Northern Ireland, managed by Whiterock, to fit out its new Newcastle-upon-Tyne site and fuel further UK and Ireland expansion. Northern Irish entrepreneurs Richard Irwin and Stephen Symington have joined forces with Jon Drape and Gareth Cooper, co-founders of big-name entertainment venues such as Broadwick Live, Warehouse Project and Parklife, to expand the Freight Island concept across the UK and Ireland. Freight Island now boasts three of the UK’s leading social dining and music spaces, offering a unique ‘incubator model’ for up-and-coming food and drink entrepreneurs to grow their products from idea stage to becoming well-known brands.
The company currently operates vibrant dance, dine and drinks venues in Manchester, Leeds and Brixton in London, as well as its newest venue in Newcastle. The team have ambitious expansion plans for Freight Island, with phase 2 of Freight Island Leeds set to open in 2027 and more venues across the UK and Ireland to follow.
Headquartered in Belfast, the group showcases local Northern Ireland musical talent and produce at each of its venues, including award winning Titanic Distillers. The £3 million investment from Whiterock has supported Freight Island’s latest venue development in Newcastle, which opened in June. The venue is built on the former site of Debenhams at Eldon Square and boasts a 12-kitchen food market area and a new live-fire restaurant WYLD, which opens its doors last week (25th September).
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.
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: “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, said: “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.”