Chester-based network operator, ITS, has completed a £45m Aviva Investors deal to fast track its full fibre roll out plans.
It will use the funding to move into new areas of the UK and build fibre networks, which it says will pass “at least 200,000 premises.”
“I took over the reins of the business in early 2018 and focused on reshaping the business; strengthening all aspects of our operations and strategic approach. This has created a strong foundation for this next phase of our growth,” explained Daren Baythorpe CEO at ITS.
“We are really excited to be working in partnership with an investor of Aviva’s calibre. It gives us considerable financial backing to further flex our reuse muscles and continue to take advantage of the opportunities ahead. This approach allows us to connect more customers to full fibre far quicker than the industry norm. With BT’s public switched telephone and copper network switch off plans now in progress, the race to build alternative futureproof full fibre IP-based networks is on to ensure coverage and choice for end-users – ITS is proud to be playing our role in achieving the UK’s ambitious plans.”
The firm will continue to reuse public and private infrastructure to accelerate the rollout of its networks.
“There is a clear and growing demand for this essential infrastructure across the country. The funding from Aviva Investors will allow ITS and its management team to build on its existing infrastructure and brand to accelerate its network expansion and to provide world-class infrastructure across the country,” added Sean McLachlan, Senior Director, Infrastructure Equity, Aviva Investors.