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Gigabit broadband service raises £250m for UK rollout

hyperoptic1

George Soros-backed Hyperoptic has raised £250m in order to accelerate the growth of its 1Gbps full fibre broadband across the UK.

The debt raise comes from 8 banks, so that it can extend its network to 50 towns and cities by 2019.

The company already operates across the North of England, from Newcastle to Sheffield.

“We recently announced plans for a nationwide full fibre broadband network to build a Britain that’s fit for the future. Commercial investment will play a crucial part of this, and Hyperoptic’s commitment to deliver gigabit connectivity to more than 50 UK towns and cities shows that they match our ambitions,” stated Minister for Digital, Margot James.

This will be the largest single investment in the UK for a full fibre optic network provider. The UK currently trails behind other developed nations when it comes to high-speed broadband, it was recently listed 32nd out of 34 OECD countries.

The Government’s target is for 15m homes and offices to have access to full fibre broadband by 2025. Hyperoptic says that it will be able to deliver one third of this alone. In fact it believes that the target can be reached earlier, should councils develop “group” planning agreements.

“Hyperoptic has the vision, determination and means to lead the rollout of gigabit connectivity across this country, and smash the digital divide once and for all,” said chairman, Boris Ivanovic.

“I am proud that we have led by results. This latest round of funding is a tremendous recognition of our achievement and provides the impetus for making Hyperoptic the premier full fibre national network.”

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