£240m turnover on the horizon as North East utilities firm aims to double staff
A utilities company based in Billingham has revealed that it is aiming to top £240m turnover and double its workforce by 2026.
Everflow Group – which comprises business water retailer Everflow Water and software company Everflow Tech – recently secured £750,000 in its latest fundraising round to help deliver its ambitions.
Established in 2015 with the ambition of making utilities simple, employee numbers have risen from four in 2016 to its current level of 85, with turnover from £272,000 to nearly £50m in just three years.
The investment, raised through FW Capital from the Northern Powerhouse Investment Fund, will be used by Everflow to help further develop its Eclipse software system, which the business hails as being key in its continuing growth.
James Cleave, CFO of Everflow Group, said: “Our premise as a business is to make utilities simple for our customers, and to create an environment where people enjoy coming to work each day and feel passionate about what they’re part of.
“While we are growing strongly, and we aim to double our headcount in the next five years and reach contracted annual revenues of over £240m, that will always be at the core of our business and what we do.
“Part of the reason we’re growing so quickly is our continual development and investment in our software. We are continuing to develop the system and expand our technological capabilities, and this latest round of investment will enable us to push on with that.”
Alexandra Gent, investment executive at FW Capital, who secured the investment, said: “The desire to be the best water retailer is clearly at the heart of every-thing they do and the technological developments underway alongside this make their future a very exciting thing.”
Abu Ali, a partner in WilliamsAli Corporate Finance, also supported Everflow’s latest round of investment. He said: “Hard work and commitment 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.”
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