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PRIVACY
Enterprise

North East deals of the week: key contracts, investments and acquisitions

Companies featuring in this week's round-up include Wetherspoon, Impress Group, Lloyd Motor Group and Nissan

The Newcastle University Students' Union building.(Image: Co-op)

Pub giant Wetherspoon partnered with Newcastle University Students' Union in a deal that will create 70 jobs.

The Student Union bar, Luther’s Bar, will continue to be run and managed by Newcastle University Students’ Union but the deal will mean the Union can access the business model that Wetherspoon uses to run its pubs across the country. Starting from next week, Luther's Bar, which employs 30 people, will open from 8am as part of the new operation.

It is only the second deal of its kind for the national chain on a university campus, the first being at Hull University’s Sanctuary Bar, which opened in January 2022. Under the arrangement, Luther's will deliver a wider food and drink offer.

Read more: Tyneside biotech pioneer 3DBT launches new base in Hong Kong

Announcing the move, Wetherspoon said it would support the Union's objectives to offer services and skills development to students. Luther's currently employs 30 people and now, with the introduction of the new refurbishment and catering offer, it is expected that 70 roles will be created, all of which will be suitable for students. Staff will continue to be employed and managed by the Students’ Union but will undergo the same training and induction as Wetherspoon staff.

Wetherspoon chief executive John Hutson said: "We are delighted to have entered into this partnership with the Students’ Union and look forward to working with them to make Luther’s Bar a great success."

From left: Steve Young of Impress; Abu Ali of WilliamsAli; John Nicholson of Mincoffs Solicitors; Max Gilchrist of Mincoffs Solicitors; Ben Suquet of Lucena Capital; Jason Young of Impress, and George Peel of Impress.(Image: David Wood)

Precision engineering firm Impress Group has undergone a management buyout ahead of the retirement of its founders.

Three of the North East firm's directors, George Peel, Steven Young and David Haley, are retiring from the business as commercial director Jason Young has taken over. The deal has been backed by Ben Suquet, founder of Lucena Capital, who has invested in Impress and will work alongside Mr Young to drive subsequent growth.