Full Fibre UK ISP Grain Connect Secure £10m Investment UPDATE

Fibre provider Grain Connect, supported by wireless ISP Solway Communications, confirms that it has successfully raised £10m in additional equity finance from Albion Capital (Albion Real Assets Fund). The money will support the further development of its UK “full fibre” broadband network at new build home developments.

Only yesterday Grain Connect revealed a new agreement with the Birmingham City Council (West Midlands), which will see them rollout a Fibre-to-the-Premises (FTTP) broadband network to over 1,000 new homes around the Perry Barr Residential Scheme (here), and now there’s more good news to report.

Grain has managed to raise £10m in additional equity finance. The new funding will help the company to grow, having already connected around 44 sites from Aberdeen to London to ultrafast broadband, with a further 300 in the pipeline. The aforementioned work is being supported via partners including major house builders like Taylor Wimpy, Keepmoat and Story Homes.

Rich Robinson, Managing Director of Grain Connect, said:

“We are delighted to announce the next phase of our growth and the integration of the full end-to-end customer experience with Grain Connects operations. We are committed to providing the highest quality of service in delivering full-fibre broadband across the UK.

Albion Capital understands the opportunities for the UK communications sector and has a proven track record investing in organisations that deliver for customers and shareholders. This investment enables the Grain Connect team to consolidate its position as one of the leading installers of full-fibre broadband in the UK, whilst retaining flexibility for housebuilder clients and ensuring the highest level of service for homeowners.”

Adam Chirkowski, Investment Director at Albion Capital, added:

“The opportunity to invest in the growth of one of the UK’s most exciting communications providers is highly exciting. Capitalising on the increasing demand for future-fit broadband services, Grain Connect is working to provide new housing developments nationwide with a resilient, high quality broadband service that is meeting the needs of the homeowners.

Albion has been extremely active in the FTTP market, particularly investing in the growth of alt-nets to enable them to reach critical scale. Grain Connect’s dedication to every home, ensuring residents have the foundations and the choice to receive the best quality network for them is critical to the growth of the business and makes the investment an exciting next step in Albion’s fibre portfolio.”

End.

UPDATE 1st Nov 2019 – 10:11am

We have corrected the above story, and Solway’s relationship to Grain, following the issuance of a new press releases.