Fast growing network firm raises £230m to fuel next stage of growth
A fibre network company based in Gloucestershire has raised £230m to fund the next stage of its development.
Netomnia is one of the fastest growing altnets in the UK along with ISP sister company YouFibre.
The Tewkesbury company has successfully completed its latest fundraise of £230m in committed debt financing from a group of six bank lenders including HSBC UK, ING, NIBC, RBC, Standard Chartered, and UKIB.
The financing package also includes an accordion to be raised in the future to support the continued growth of the business.
The backing comes at a pivotal moment in Netomnia’s network deployment.
The company, known for its fast network rollout and efficient use of capital, has become the fourth largest altnet in the UK in two and half years, recently passing 410,000 premises ready for service and connecting 28,000 customers. Its build speed continues to accelerate as it closes in on the goal of one million homes and businesses passed.
Wil Wadsworth, chief finance officer at Netomnia and YouFibre, said: “We are very pleased to welcome this new group of lenders to Netomnia and are thrilled they have chosen to support the continued acceleration of our business.
“The enthusiasm from these institutions to support our business is a testament to our successes at Netomnia and YouFibre, and our unique approach to building our full fibre network and providing best-in-class Internet speeds and services to customers across the UK.
“Everyone in the UK is impacted by the rising cost of living, and interest rates are hitting businesses and families alike. Now more than ever it’s vital that we continue to build our network at pace to provide better and more affordable broadband to as many homes and businesses as we can.”
Netomnia and YouFibre were advised by Rothschild & Co and Allen & Overy.