Everflow Expand into UK Telecoms with £44m Funding Deal from BGF and OakNorth

County Durham-based Everflow, which is multi-utility provider that focuses on UK business services, has announced that they’ve secured a total of £44 million in fresh funding from capital investor BGF and digital bank OakNorth to help the operator expand into telecoms.

The funding appears to be evenly split, with £22m coming from BGF and the same from OakNorth – making this one of the largest deals of the year in the North East. Founded in 2015 as an intermediary between water wholesalers and commercial customers, Everflow has more recently evolved into a nationwide, multi-utility provider achieving 30% year-on-year growth over the last 3 years and serving more than 120,000 premises.

The company’s expanded offering, which now includes waste management and connectivity services (i.e. broadband and phone), allows SMEs to manage multiple business utilities through a single provider relationship. The latest funding round will support the company’s expansion across the UK, enable diversification into new sectors (e.g. telecoms) through customer growth and M&A, and to expand its 250-strong team.

Everflow also expects to adopt AI to enhance internal business processes and Evie, the company’s modular platform that unifies all services within a single system.

Craig Dallison, CEO of Everflow, said:

“We set out in 2015 with a clear goal. To make utilities simple for SMEs, while bringing greater choice, improved service and better value to businesses relying on the UK’s water retail market. This investment comes at an exciting inflection point for Everflow, and BGF stood out as the partner to help us continue to grow at pace.

As a home-grown business in the North East, we’re proud of our expansion over the past decade. But we’ve also helped our customers operate more sustainably by reducing water consumption and cutting carbon emissions. These outcomes reflect our commitment to delivering both commercial and environmental value for the organisations we work with.”