Netomnia, YouFibre raise £230m in debt financing
UK alternative network provider, Netomnia and its internet service provider (ISP) sister company YouFibre have raised £230m in committed debt financing. The financing comes from a group of six bank lenders, comprised of HSBC UK, ING, NIBC, RBC, Standard Chartered, and UKIB. The financing package also includes an accordion to be raised in the future to support continued business growth.
Founded in 2019 by Jeremy Chelot, former CEO of Community Fibre, Netomnia’s goal is to reach one million premises by 2023. The backing comes as the company recently passed 410,000 premises ready for service and connected 28,000 customers. Netomnia says that its build speed continues to accelerate as it closes in on the goal of 1 million homes and businesses passed.
Wil Wadsworth, CFO at Netomnia and YouFibre, says, “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.”