Upstream ABL partners with Northern Ireland Hospitality and Real Estate group Norlin to drive expansion across the UK and Ireland

Norlin has secured a major multimillion-pound deal to roll out a number of major regeneration-led entertainment venues across the UK.

The funding arrangement has been provided by Upstream ABL and is the latest in a series of major deals supported by the Structured Asset Based Lending (ABL) specialist.

Based in Belfast, Norlin is a privately-owned business, focused on hospitality, leisure, and real estate, and has recently added innovative urban regeneration projects including Manchester’s award-winning ‘Freight Island’ to their portfolio via a joint venture with original founders Jon Drape and Gareth Cooper.

Freight Island opened in 2020, providing the city with a unique indoor/outdoor dining and entertainment venue, which was created by transforming a derelict space at Mayfield Depot, and is now one of Manchester’s best-known destinations.

To spearhead this new phase of expansion, Norlin has secured significant new funding from Upstream to fund both its core business and bring the exciting ‘Freight Island’ concept to a variety of new city centre locations across Great Britain including Brixton in London, Leeds and Newcastle.

In what is one of its largest funding deals to date since it secured £150 million of new funding from London’s Pollen Street Capital earlier this year, Upstream ABL will provide Norlin with a multimillion-pound facility to help fast-track its expansion plans.

Upstream ABL is Northern Ireland’s only independent provider of Structured ABL finance solutions, providing ambitious, asset-rich businesses across the UK and Ireland with access to the dynamic funding they need to fund new projects, acquisitions and financial restructuring to drive growth and scale.

Upstream ABL Partner, Lewis McCallan, said:

“Our partnership with Norlin represents yet another landmark deal in our own growth strategy, and together we are helping to realise the exciting ambitions of a Belfast-based group committed to scaling a powerful, proven business model across the UK and beyond.

Alongside their successful core hospitality and entertainment business, Norlin’s planned developments will drive regeneration, create jobs and deliver real economic value. We’re delighted that Richard, Stephen and Niall have joined us on a shared growth journey, and we wish them continued success.”

It is Upstream ABL’s third major transaction in as many months following its successful Management Buy-Out (MBO) in January 2025.

“Our Structured ABL solution ensures Norlin can access the capital it needs by providing revolving credit facilities and term borrowing supported through a combination of quality asset classes including property and inventory as well as group cash generation,” Lewis added.

As a key player in the property, hospitality, and leisure sectors in the UK, Norlin is already a significant investor in several regeneration projects in Northern Ireland, including Titanic Distillers at Thompson’s Dock in Belfast and in the development of a new private hospital at the former B&Q site on Boucher Road.

Welcoming the partnership, Norlin co-founder and director Richard Irwin, said:

“Our partnership with Upstream delivers unrivalled flexibility and funding that unlocks a range of compelling and planned opportunities for our business. This will significantly advance our plans for growth through a range of projects, and the funding illustrates Upstream’s confidence in our established track record to date.”

Established by Judith Totten MBE in 2011, Upstream ABL has already built a reputation for flexibility and agility in providing tailored funding solutions. It guarantees all businesses access to an experienced, local decision-maker who understands the importance of swift and clear feedback, coupled with guidance and direction in structuring the most appropriate funding facility for now and into the future.