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Read moreWe are delighted to see an Ablrate borrower, Everflow Group, ranked number 3 in the FT’s 2021 list of fastest growing companies in Europe.
Launched in 2015, Everflow is an ethical water retailer combining low cost pricing with a commitment to providing clean, safe water for people around the world. For every 250 customers that switch to Everflow the company commissions wells in a country where potable water is scarce. In August 2017, Ablrate lenders recognised the potential in this innovative small business and raised an interest only loan of £450,000 from 450 investors for a 9 month period.
Everflow had a short term cash flow requirement to allow them to change the way they paid the water wholesalers – they wanted to move from a pre-payment to post payment charging structure to free up cash. Ablrate’s £450,000 contributed to a security deposit enabling them to restructure the payments and release £1.2million over 3 months.
Ablrate Lenders were able to provide a fast and effective financing solution to the business, ahead of traditional lenders, which contributed to the rapidly accelerated growth of the business. Everflow identified the need for a technological solution to the challenges faced by water retailers and developed the pioneering “Eclipse” software themselves! Eclipse revolutionised the sales, customer management, settlement reconciliation and billing processes for the company and Everflow was able to boost its customer base and revenue, becoming the UK’s fastest organically growing water retailer.
In 2019, the technical branch of the group, Everflow Tech, was launched and the Eclipse platform was purchased by multiple water retailers across the UK. Revenue increased nearly 18000% from 2016-2019, with a turnover of £57million in 2020. The group now employs 72 people and they aim to grow the team by 20% this year.
We are proud to have been of assistance in the success of Everflow and congratulate them on their success!
Interestingly, had Ablrate registered for the listing, you would find us around the 600 mark with a 256% growth in top line revenue between 2016-2019!
You can view the full listing here https://www.ft.com/content/8b37a92b-15e6-4b9c-8427-315a8b5f4332.