Member Article

Tait Walker gives new lease of life to iconic city venue

Chartered Accountancy practice Tait Walker has helped breathe life back into one of the city’s most iconic buildings, after assisting in a deal that will see the Newcastle Assembly Rooms transformed this spring.

Tait Walker’s award-winning corporate finance team has assisted the venue owner to secure bank funding towards this £1m project, a venture that will create over 50 new local jobs when it opens this March, revealing parts of the 237-year-old Grade 2 listed building only ever used previously for private functions.

Tait Walker’s Steve Plaskitt and Barry Gill provided strategic counsel in the securing of funds, which were provided by NatWest.

The newly named ‘Bonbar’ will see the Assembly Rooms modernised to include an upmarket bar and night club, restaurant and an alfresco dining area.

Owner Antony Michaelides, whose family has owned the building since 1974, is keen to ensure a balance of old and new throughout the restoration work of the well-known building.

Mr Michaelides said: “It’s our aim to restore a venue that has been part of the very fabric of our city for years, traditionally a place for people to meet, dance and have fun. These secured funds will ensure that this tradition continues, putting it firmly back on the map as a social destination for the people of Newcastle and the wider area, whilst opening it up for future generations to come.”

Tait Walker’s Steve Plaskitt said: “This was an exciting project to be involved with. In addition to giving a beautiful and much loved Grade 2 listed building a new lease of life, a considerable number of jobs will also be created, which is great news for the local night-time economy too. We wish Mr Michaelides and his new venture the very best success.”

Michael Cross, Relationship Director at NatWest, said: “The Newcastle Assembly Rooms is a beautiful historic building that the people of Newcastle are very proud of. We were delighted to support Mr Michaelides on his latest project and wish him every success for the future.”

This was posted in Bdaily's Members' News section by Tait Walker .