Programme:Northern Powerhouse Investment Fund
Billingham-based utilities firm Everflow secured a £750,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund, in April 2021.
Funding has since helped the business to further develop its software system, in addition to working towards its objective of reaching annual revenues of over £240m by increasing its customer base. As of September 2021, it now employs 106 individuals at its offices at Wynyard Business Park and Nuneaton’s Elliot Park Innovation Centre, up from 75 in December 2020 and almost halfway towards its goal of doubling the number of staff by 2026, This funding round follows private equity backing from Perwyn in 2017 to support business growth.
Established in 2015 the company, comprised of water retailer Everflow Water, and software specialist Everflow Tech. It was recognised for its significant growth efforts in March 2021 when it was placed at number three in the FT1000, the Financial Times’ annual list of Europe’s top 1,000 growing businesses.
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 Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719
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