Network builder Netomnia (inc. retail ISP YouFibre), which is currently merging with Brsk (here) and rolling out a new 10Gbps capable Fibre-to-the-Premises (FTTP) broadband network across the UK, has today announced that they’ve secured an additional investment (loan) of £25m from the National Wealth Fund (NWF) to help accelerate their deployment.
The investment bolsters a £75m debt commitment made in March 2023, which occurred before the recent transformation of UK Infrastructure Bank (UKIB) into the NWF – bringing the total NWF backing to £100 million. To date, this specific part of their funding has been credited with helping to facilitate the connection of more than 100,000 premises to their network, with around 10,000 customers live and growing.
The combined networks of Netomnia and Brsk currently reach over 1.82 million UK premises as ‘Ready for Service‘, which is home to a total customer base of 190,000 (30th Sept 2024). But the merged group also has a short-term target of growing this FTTP coverage to reach 3 million premises (coverage) by the end of 2025, as well as 1 million customers by 2028 – cementing their position as one of the largest national fibre networks.
Jeremy Chelot, CEO at Netomnia and Group, said:
“This additional £25 million investment from NWF is a powerful vote of confidence in Netomnia’s vision and execution. It will significantly accelerate our ability to deliver fast, reliable broadband to more homes and businesses across the UK, particularly in underserved communities. We’re not just building infrastructure; we’re laying the foundation for the UK’s digital future, and Netomnia is committed to ensuring no one is left behind.”
Stuart Nivison, NWF Head of Portfolio Management, said:
“This investment will directly support improvements in areas that would otherwise miss out on the opportunities fast, reliable broadband affords, and so we’re pleased to extend our support to Netomnia as an existing client of the National Wealth Fund.”
Take note that the UKIB officially became the NWF on 14th October 2024. The new NWF will expand UKIB’s remit beyond infrastructure in support of the Government’s new industrial strategy. With additional financial capacity and an enhanced risk budget, the NWF will be capitalised with £27.8bn to catalyse private investment in the market.