Hyperoptic secures £150m from UKIB to further accelerate its full fibre network roll out. The leading alternative full fibre provider has now raised an additional £255m of debt facilities this year, from new and existing lenders, to boost its roll out and growth plans, demonstrating continued support for its business plan.

Today’s announcement comes as Hyperoptic, who were the first broadband provider to bring gigabit speeds to UK homes, has passed more than 1.73 million homes and connected more than 340,000 customers, with the planned roll out placing particular emphasis on connecting more people to the network, bridging the digital divide and providing essential connectivity to communities nationwide.

Hyperoptic’s plans also include a continued focus on connecting social housing premises, where access to robust full fibre broadband services is often limited. Through the Bank’s investment and Hyperoptic’s commitment to provide ‘broadband that’s in your corner’, thousands of residents in social housing will gain access to Hyperoptic’s ‘social tariff,’ ensuring affordable access to gigabit-capable broadband.

The news follows Hyperoptic’s endorsement from consumer champion Which?, as the only Great Value Broadband Provider in the UK. Unlike other broadband providers, Hyperoptic offers clear and transparent pricing without imposing mid-contract price hikes.

Dana Tobak CBE, CEO and Co-Founder at Hyperoptic, stated: “Since 2011, we’ve been on a mission to bring ultra-reliable, hyperfast full fibre broadband to businesses and consumers across urban areas and new developments in the UK. We’re acutely aware of the government’s target to achieve 99% gigabit-capable broadband coverage by 2030 and, as an industry, we still have some way to go to achieve it. We welcome the support of the UK Infrastructure Bank, together with other investors, enabling us to continue delivering award-winning gigabit-capable broadband to more people across the UK every day.” 

Vincent Policard, Partner and co-head of European Infrastructure at KKR and Hyperoptic Board Member, said: “Hyperoptic continues to have a market-leading position and superior customer product in the UK. Securing this additional funding allows the Hyperoptic team to extend the roll out to more premises, making its network more widely available to consumers seeking an enhanced online experience.”

Ian Brown, Head of Banking & Investments at UKIB, said: “Reliable internet connectivity is increasingly important to participate in the modern economy and drive forward the UK’s net zero and regional growth ambitions. Our investment in Hyperoptic will ensure that the scale and pace of the full fibre rollout is sustained, specifically in those areas where it’s needed the most, opening up opportunity for numerous communities across the UK. We hope that our commitment will help mobilise further private debt financing for Hyperoptic’s continued network expansion.”

Source: https://www.hyperoptic.com/
Image source: Courtesy of Hyperoptic

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