Truespeed secures £100m for full-fibre broadband rollout
Broadband provider Truespeed has secured a second cash injection from Aviva Investors to go towards the rollout of its gigabit-capable full-fibre network. The £100 million investment from the asset management sector of the insurance firm will help accelerate the network's rollout to premises in the southwest of England and follows the £75m which was invested in 2017.
“We are delighted that our continuing relationship with Aviva Investors has provided this next tranche of investment,” said James Lowther, who was appointed as Truespeed’s new CEO in December. “This will allow us to significantly accelerate our roll-out, enabling us to connect more customers to our ultrafast, ultra-reliable full-fibre service.”
Truespeed, which says it has doubled the size of its network in the past year, was selected by a government-backed programme in January 2021 to roll out full-fibre broadband networks in Devon and Somerset. The work is expected to start this year and the company aims for it to be completed in 2024.
Sean McLachlan, Senior Director, Infrastructure, at Aviva Investors, said: “Since our initial investment in 2017, Truespeed has continued to successfully deliver essential gigabit-capable broadband infrastructure to under-served locations across the South West of the UK. This second tranche of funding reflects our belief that the company and its activities not only represent a sound investment but also create significant social benefits for local communities across the country.”
Truespeed, which also has contracts to build full-fibre infrastructure in Bath and Wells. has announced that it aims to establish fibre-optic connectivity to “underserved” rural areas and reach more than 200 communities, ranging from the outskirts of Portishead and down to Froome.
It has also recently announced that it will be beginning network builds in Glastonbury, Shepton Mallet and Street. The company is targeting continued growth and aims to connect another 450,000 premises over the next five years.
