Jobs boost in Tees Valley as water company receives £750k investment
A Tees Valley water company has reported a ‘healthy’ flow of investments and new jobs following backing from the Northern Powerhouse Investment Fund among others.
Everflow has increased its workforce from 75 in December 2020 to 106 today following a £750k cash injection, supported by FW Capital Debt Finance.
The investment, from April this year, will also help further develop Everflow’s software system, in addition to working towards its objective of reaching annual revenues of over £240m by increasing its customer base.
Everflow has also reported a 19 per cent uplift in customers from 47k to 56k in total. In addition to the significant increase in new recruits in recent months, Everflow’s annualized turnover has also jumped from £65m to £78m for this financial year.
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 the 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.”
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