Community Fibre nets £985m funding boost
The funding will enable the London ISP to continue to execute its fibre network roll-out to 2.2m London homes by the end of 2024.
Community Fibre builds, operates, and owns its dedicated 100% full fibre network with the most advanced technology available to deliver fast and reliable broadband using 100% FTTP. Community Fibre is already London’s largest and fastest 100% full fibre broadband provider. Community Fibre currently has 675,000 ready-for-service homes across London and the South-east. The new funding is made up from £685m committed facilities with a further £300m uncommitted accordion.
The secured finance facility follows the ISP’s £400m investment announcement in 2020 where it reached a majority stake agreement with funds advised by Warburg Pincus LLC and DTCP, alongside its existing investors Amber Infrastructure and RPMI Railpen.
Graeme Oxby, CEO of Community Fibre says: “We are delighted that lenders have seen the impact of our ever increasing network and the level of customer interest in faster, more reliable and more affordable broadband access. In a time of money worries for many families, Community Fibre has been able to deliver a better service for a lower price. We will now be able to accelerate our network roll out and bring these benefits to a much larger number of customers.”
Olaf Swantee, Chairman of Community Fibre adds: “The lenders and our shareholders share the view that Community Fibre’s momentum will further strengthen its position as the best and largest FTTH provider in London.”