Everflow, the water retail and technology group, has set out plans to double its staff and grow turnover to exceed £240 million within five years.
The company has grown from four employees in 2015 when it was founded to 85, while turnover has steadily risen to almost £50 million in three years.
The north-east based company, which was ranked third on the Financial Times’ recent list of fastest growing organisations in Europe, has secured funding of £750,000 from the Northern Powerhouse Investment Fund to deliver its ambitions.
The investment will be used for the technology side of the business to develop its Eclipse software system.
James Cleave, chief financial officer, said: “Part of the reason we are growing so quickly is our continual development and investment in our software. Eclipse is a central part of what we do, and it is all done in-house. 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.”
The company that secured the funding for Everflow, FW Capital, said it was attracted to the business’ clear ambition.
“What Everflow have achieved in such a short space of time is a testament to the vision of the team they have in place – from small team to the third fastest-growing company in Europe is no mean feat,” said Alexandra Gent, investment executive at FW.
“The desire to be the best water retailer is clearly at the heart of everything they do and the technological developments underway alongside this make their future a very exciting thing which we at FW are keen to support,” she added.
The company was founded by Josh Gill who previously worked with Northumbrian Water on its Scottish retail division and devised a strategy for growing business customer numbers. Upon establishing Everflow, Gill set out to pursue small and medium-sized businesses as customers and worked with brokers to bring in more.