UK’s Freedom Fiber fiber network has secured £ 100 million in funding as it seeks to roll out high-speed broadband to over two million locations in the North West.
The Manchester-based startup was founded by telecommunications network entrepreneur Neil McArthur, who pioneered broadband and fiber networks in the UK, including the launch of TalkTalk’s national footprint.
Equitix, a major global investor, developer and long-term fund manager of key infrastructure assets, has made an initial funding commitment of £ 84 million in Freedom Fiber.
The money will accelerate Freedom Fiber’s launch of FTTP, which is primarily through the installation of fiber across BT’s existing infrastructure.
Santander Bank has also signed a £ 16 million debt facility with Freedom Fiber, bringing the total funding commitment to £ 100 million.
Freedom Fiber already offers ultra-fast broadband to nearly 20,000 homes in parts of Cheshire and Greater Manchester with minimal disruption to residents thanks to its extensive use of LV ducts and poles.
The company is on track to reach 70,000 locations by the end of this year and plans to increase customer penetration through its wholesale deal with TalkTalk to utilize its fiber-optic connections.
Freedom Fiber will look to add more broadband service providers over time as it grows.
The company’s final business plan is to reach more than two million locations in selected locations.
Hugh Crossley, managing director of Equitix, said, “We look forward to investing in and developing the roll-out of the Freedom Fiber network. We believe Freedom Fiber is a strong company operating in an essential infrastructure sector that plays a vital role in providing connectivity for both the people and the Northwest economy.
“This substantial investment further enhances Equitix’s network infrastructure which delivers essential utility services to over 6.3 million customers in the UK and Europe. The launch of the Freedom Fiber network will continue our strategic goals to provide local communities with essential, affordable, high-quality infrastructure. “
Darren Woods, CFO of Freedom Fiber, said, “We are delighted to have secured this investment from Equitix that will help materially accelerate Freedom Fiber’s rapid operational progress.”
Neil McArthur, CEO, said: “Freedom Fiber firmly believes that Full Fiber should be a right, accessible to all and not a privilege. This new funding allows us to support our long-term ambition to take fiber off the beaten path to semi-urban areas by providing fast, reliable connectivity with the best possible customer experience. We are excited to continue our strategy to create an affordable fiber optic network that will last for generations. “
Freedom Fiber was advised by Oakley Advisory Limited and Addleshaw Goddard LLP, together with PWC Debt advisory. Equitix was advised by Cameron Barney and Shoosmiths LLP.
Freedom Fiber secures £ 100 million to fund the launch of high-speed broadband
Source link Freedom Fiber secures £ 100 million to fund the launch of high-speed broadband