Online radiator retailer UKRadiators.com has laid the foundations for the next stage of its striking growth journey with a funding deal worth over £1 million from Allica, a leading UK business bank.
UKRadiators.com – which is based in Colchester and employs 25 people, supplying heating products to homeowner and tradespeople across the whole of the UK – 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 has seen turnover nearly double in three years to just shy of £10 million, with further expansion on the horizon.
Rob, who regularly podcasts with tips for consumers on how to keep their home warm and is campaigning for change in the heating industry, has led UKRadiators.com since 2012. In 2023, he launched a documentary titled ‘The Lies Costing Britain £Billions – EXPOSED’ revealing the financial and ethical implications on consumers of misinformation in the heating industry.
The funding from Allica will see the business continue to invest in its digital operations and automation. Its focus on technology has been a cornerstone of its success so far, with it boasting an ‘Excellent’ rating on Trustpilot. Rob is also looking to boost his investment into brand awareness, including advertising on TV, YouTube and podcasts.
Rob said that, despite UKRadiators.com’s impressive growth, the high-street banks simply wouldn’t listen to them when he approached them for help. This left the business with a lot of short-term and expensive debt.
However, after speaking to Ricky Kapoor at Allica Bank – a bank dedicated to supporting established businesses with between 5 and 250 employees – he was able to refinance that debt, saving him around £100,000 per month that could then be invested back into the business.
Commenting,** UKRadiators.com**** owner Rob Nezard 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, said:
“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.”
About UKRadiators.com
UKRadiators.com are the UK’s market-leader in outstanding quality radiators including designer radiators, heated towel rails, column radiators and convector radiators.
With over 30 years of experience between our expert team in the heating sector, we know what customers are looking for: high-quality, stylish products at a good price, with first-class customer service to match. This is exactly what we strive to deliver on a daily basis, and is reflected in our unmatched customer service – just ask our Reviews.co.uk and Trustpilot rating.
About Allica Bank:
Allica is a new kind of no-nonsense business bank, built especially for established businesses with between 5 and 250 employees.
These businesses make up a third of UK employment and turnover, yet the service they get from the big banks is increasingly impersonal, inconvenient, and poor value. Allica Bank is on a mission to give established businesses the no-nonsense banking they deserve. That means a current account with no monthly fees, a relationship manager whose name and number they actually know, and technology that makes life easier, not harder.
It’s how business banking used to be, just better.
Allica was recently named the UK’s fastest-growing company in Deloitte’s 2023 UK Technology Fast 50 – with annual revenue growth that makes it the fastest-growing fintech company ever. It also revealed in 2023 that it achieved its first full year of profitability and had lent over £2 billion to established UK businesses.
Allica’s ambition is to gain 10% market share in the next five years in order to help change the SME market for the better.
