The growing group is halfway towards a goal of doubling its workforce after securing the investment from NPIF.
The company has boosted its workforce by more than 40% to 106 after the investment from NPIF – FW Capital Debt Finance, managed FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Established in 2015 the company, which includes water retailer Everflow Water and software specialist Everflow Tech, was recognised for its significant growth efforts in March when it was placed at number three in the FT1000, the Financial Times’ annual list of Europe’s top 1,000 growing businesses.
The film secured the investment to help further develop its software system, in addition to working towards its objective of reaching annual revenues of over £240m by increasing its customer base. This funding round follows private equity backing from Perwyn in 2017 to support business growth.
Since then, the group has reported a 19% uplift in customers from 47,000 to 56,000 in total.
James Cleave, chief financial officer at Everflow, said: “2021 has proved pivotal in bringing our growth plans to fruition. We are now working with a record number of new and existing customers in simplifying the utilities landscape.
“We are pleased to have recruited an additional 30 people at our Teesside base to help make that possible, as well as making significant investments into continually improving our software – something that NPIF and the FW Capital team have been integral in.”
Melanie Ellyard at British Business Bank said: “Everflow Group is an excellent example of a thriving NPIF investee business making a real impact and flying the flag for the North on a European stage, in addition to supporting the local economy in the Tees Valley.
“Growth of the business to date has been impressive and we are proud to be supporting it in taking another big step up, as it looks to fulfil its potential and create new opportunities in the region.”
Alexandra Gent, investment executive at FW Capital, said: “Everflow has been a real success story for the Tees Valley and is continuing to gain recognition on an international stage. Its continual investment both in their software and in the team has underpinned the company’s success, with its commitment to excellence clear. Everflow’s growth trajectory has been nothing short of highly impressive so far and the team’s vision for the future is very exciting, something which FW are pleased to have been able to support.”
The team has also been supported by long-standing advisor Abu Ali, partner in WilliamsAli Corporate Finance, in securing its latest round of investment.
“Having worked with the team for a number of years now, I have seen first-hand the sheer hard work and commitment that has gone into achieving the status that Everflow now holds, as one of Europe’s fastest-growing businesses and a highly respected name in the UK’s utilities market,” says Abu.
“They are focused on where they want to be in the marketplace, with impressive and ambitious plans on how to achieve that, while remaining absolutely committed to their team and ethos as a business.
“It’s been a real privilege to have supported Everflow to reach the point they are now, and we look forward to continuing to work with the business, with a further round of growth capital fundraising planned for later this year.”