Businesses Reaping Rewards of £100m Bishop Auckland Investment
26 July 2016
Retail and hospitality businesses are riding a wave of economic optimism as they embrace the £100m culture-led regeneration of Bishop Auckland.
Kynren by Eleven Arches Trust open-air night show opened to public acclaim on July 2. At the same time work has begun to transform both Auckland Castle and Bishop Auckland Market Place into a major new art and heritage destination.
Together these private sector driven projects are forecast to bring a £20m a year economic boost to Bishop Auckland and the wider region.
The pledge by not-for-profit Auckland Castle and Eleven Arches Trusts to reinvest earnings into their separate activities will also bring further rewards.
As businesses prepare for the anticipated increase in leisure and tourism visits, many companies are proving that the opportunities are already there for the taking.
The Park Head Country Hotel and Restaurant at New Coundon has recently undergone a £100,000 refurbishment, in part sparked by the multi-million pound developments nearby.
And Tavistock Hospitality has invested £360,000 in buying and refurbishing the Toronto Lodge Sonnet 43 Brew Pub at Toronto, with plans to spend another £150,000 creating nine boutique bedrooms.
New businesses, including the Fifteas Vintage Tearoom, have also been attracted to Bishop Auckland as the ripple effect of the Castle and Kynren by Eleven Arches Trust plans filter down.