Everflow, one of the UK’s fastest growing business utilities providers, has secured multi-million-pound funding in one of the largest deals of the year in the North East.

As part of the round, the County Durham-based company will receive £22 million funding from BGF - the UK and Ireland’s most active growth capital investor – alongside a £22 million bespoke funding package from the digital bank for entrepreneurs, by entrepreneurs, OakNorth.

Founded in 2015 as an intermediary between water wholesalers and commercial customers, Everflow has 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. Its expanded offering, which includes waste management and connectivity services, allows SMEs to manage multiple business utilities through a single provider relationship.

The funding round will support the company’s expansion across the UK, enable diversification into new sectors through customer growth and M&A, and expand its 250-strong team. It will also accelerate the company’s digital transformation journey, including AI adoption across internal business processes and the further development of Evie, Everflow’s innovative modular platform that unifies all services within a single system. This continued investment supports Everflow's broader mission to simplify a historically complex market, helping SME customers reduce costs, save time, and manage their utilities with greater ease.

Craig Dallison, Chief Executive Officer at 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.”

Last year, BGF announced a £3 billion commitment to support high-potential companies across the UK over the next five years. This includes £400 million for businesses in Yorkshire and the North East, building on £711 million already invested in the regions since 2011.

John Healey, Investor at BGF, commented:

“From our first conversations with Everflow, we were struck by its scale and strong foothold within the UK SME water market. It’s been a business underpinned by technology from day one, which has enabled it to consistently scale, innovate and disrupt the non-household water utility market. Built in the North East, Everflow has combined operational excellence and a deeply experienced leadership team with a clear vision for growth. We look forward to supporting them on their mission to make utilities simple for UK SMEs.”

As part of the investment, Stuart Warriner, former lead M&A partner at PwC in Yorkshire, will join as non-executive chair. Warriner, who is hugely experienced at helping fast-growth businesses to scale, was appointed through BGF's Talent Network – one of the largest groups of board-level non-executives in the UK and Ireland. The deal also provides an exit for private equity investor Perwyn.

Ben Kimball, Director of Debt Finance at OakNorth, added: “Everflow has built an impressive business by combining a customer-first approach with technology to disrupt a traditionally underserved market. Under Craig and the wider management team's leadership, the business has consistently delivered strong growth while continuing to innovate and broaden its offering. We're delighted to support Everflow alongside BGF as it enters its next phase of expansion, investing further in its platform, pursuing strategic acquisitions, and extending its reach across the UK.”

Advisers on the transaction:

Everflow was advised by:

• PwC LLP (Corporate Finance, Debt & Capital Advisory, Financial Due Diligence, Tax Due Diligence and Deals Insights & Analytics)
• Muckle LLP (Legal Advisory)
• GCS Insight LLP (Commercial Due Diligence)
• Deloitte LLP (Tax Structuring)

BGF was advised by:

• Ward Hadaway LLP (Legal Advisory)
• Cavu Corporate Finance (Debt Advisory)
• Grant Thornton UK LLP (Corporate Finance advisory & Financial Due Diligence)
• Tax Advisory Partnership (Tax Due Diligence)

Debt financing for the transaction was provided by OakNorth Bank plc which was advised by Womble Bond Dickinson (UK) LLP (Banking and Finance Legal Advisory)