Home/Industry News/UK’s Netomnia and YouFibre Raise £230m to Support FTTH Deployments

UK’s Netomnia and YouFibre Raise £230m to Support FTTH Deployments

(Last Updated On: April 24, 2023)

ICC News According to foreign media news, UK fiber optic broadband infrastructure provider Netomnia and Internet service provider YouFibre (Netomnia’s sister company) announced that they had raised 230 million pounds ($281.8 million) of committed debt from six bank lenders financing. The banking group includes HSBC, ING, NIBC, Royal Bank of Canada (RBC), Standard Chartered, and UK Investment Bank (UKIB). The financing package includes an Accordion for future financing to support further business growth.

This is at least the third round of funding that Netomnia and YouFibre have received since their inception in 2019. The two companies announced £123 million ($150.7 million) in November 2021 and £295 million ($361.5 million) in April 2022. Netomnia said it was the fourth largest alternative network provider (Altnet) in the UK, with its fiber-to-the-home (FTTP) infrastructure connecting 28,000 customers through 410,000 serviceable premises. The company aims to pass 1 million homes in 2021 and hopes to reach that this year.

Wil Wadsworth, Chief Financial Officer of Netomnia and YouFibre, commented: “We are very pleased to welcome new lenders to Netomnia and are delighted that they have chosen to support the continued acceleration of our business. The enthusiasm of these institutions to support our business is a testament to our success in Netomnia and Youfiber and recognition of our deployment of a full fiber network to deliver best-in-class internet speed and service to customers across the UK.”

“Everyone in the UK has been impacted by the rising cost of living, with interest rates hitting businesses and households alike. Now more than ever, it’s important that we build out our network quickly to serve as many families and households as possible, delivering better, more affordable broadband,” concluded Wadsworth.

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