UKRadiators.com has announced a funding deal worth over £1m from Allica, a UK business bank.
UKRadiators.com is based in Colchester and employs 25 people. According to a statement, the company has grown significantly under its managing director Rob Nezard. After taking the decision to pivot away from the wholesale market and launch its own direct-to-consumer website, he said that turnover has nearly doubled in three years.
The funding from Allica will see the business continue to invest in its digital operations and automation, the statement added. Rob is also looking to boost his investment into brand awareness, including advertising on TV, YouTube and podcasts.
Rob said, despite UKRadiators.com’s growth, the high-street banks wouldn’t listen to them when he approached them for help. This left the business with a lot of short-term and expensive debt, he added.
After speaking to Ricky Kapoor at Allica Bank, Rob said he was able to refinance that debt, saving him around £100,000 per month that could then be invested back into the business.
Rob said: “It’s been an incredible few years for UKRadiators.com as we have established ourselves as a leading online retailer for tradespeople and homeowners upgrading their homes.
“I’m especially pleased to have partnered with Allica Bank for the next chapter of our journey. So many banks say they are dedicated to helping businesses grow, but few actually mean it like Allica. Not only is it refreshing to find a bank that believes in the growth of the business, but they were clear that they believe in our vision to change the heating industry for the good, too.
“By banking with Allica, we’ve been able to save more than a million pounds a year. This money can now be reinvested in growing our business and creating more jobs and opportunities for people in Colchester and beyond.”
Ricky Kapoor, relationship manager at Allica Bank, added: “UKRadiators.com is an incredible business that has seen turbo-charged growth in recent years under Rob’s leadership. After the business was left in a difficult situation by the high-street banks, we are pleased to have been able to step in and find a way to help Rob and the team.
“SMEs remain underserved by mainstream banks and UKRadiators.com is a case in point. It’s a high-growth business with incredible potential but considered too complicated by a cookie-cutter approach to underwriting.”