Shapps forces sale of broadband provider

UK broadband provider Upp is to be sold after business secretary Grant Shapps said certain shareholders in the investment company behind it posed a risk to national security, Sky News understands.

Upp, which serves the East of England and the East Midlands, is owned by Luxembourg-based LetterOne (L1), one of whose shareholders is sanctioned Russian oligarch Mikhail Fridman.

Shapps has reportedly ordered the investment vehicle to sell its entire holding in the company as part of an ongoing campaign of sanctions linked to the conflict in Ukraine.

Sky News says Shapps has also asked Upp to carry out a full security audit of its network.

L1 insists it does not pose a national security risk “in any way” and said it had taken decisive action to distance itself from sanctioned shareholders, whom it said had “no role” in the company.

In the East Midlands, Upp currently provides broadband services in Horncastle, Spalding and Stamford and is set to roll out its offering to Lincoln, Grantham and Oakham.

Locations including Bourne, Boston, Newark and Melton Mowbray are also “in development” according to the company’s website.