Netomnia, one of the UK’s fastest growing ‘altnet’ broadband providers, and ISP sister company YouFibre, has raised £230 million in committed debt financing.
A group of six banks, comprised of HSBC UK, ING, NIBC, RBC, Standard Chartered, and UKIB, have all supported the funding round. The package also includes an accordion to be raised in the future to support the continued growth of the business.
The company is the fourth largest altnet in the UK, with 410,000 premises within its full-fibre network’s footprint and 28,000 active customers.
CFO Wil Wadsworth said: “We are very pleased to welcome this new group of lenders to Netomnia and are thrilled they have chosen to support the continued acceleration of our business.
“The enthusiasm from these institutions to support our business is a testament to our successes at Netomnia and YouFibre, and our unique approach to building our full fibre network and providing best-in-class Internet speeds and services to customers across the UK.
“Everyone in the UK is impacted by the rising cost of living, and interest rates are hitting businesses and families alike. Now more than ever it’s vital that we continue to build our network at pace to provide better and more affordable broadband to as many homes and businesses as we can.”