Trooli Get GBP67.5m Funding Boost for UK Full Fibre Rollout

Broadband ISP Trooli, which is currently deploying a new gigabit-capable Fibre-to-the-Premises (FTTP) network across parts of Kent, Hampshire, Suffolk, Surrey, Berkshire, Wiltshire and Sussex, has secured a £67.5m senior debt facility via a consortium of commercial lenders to help them reach 1 million UK premises by 2024.

At present the alternative network (AltNet) provider has already built their network to cover 100,000 premises (homes and businesses) and they’ve previously set a goal to reach 170,000 premises by the end of 2021, which will be followed by 400,000 premises in December 2022 (across c.300 towns and villages) and then 1 million premises by the end of 2024.

Until now their initial build was being supported by funding worth €30m from the Connecting Europe Broadband Fund (here) and, more recently, £5m via a senior facility agreement with NatWest Bank (here). But that is not enough to achieve their longer-term aims, which is where today’s announcement will come in handy.

The new deal sees Trooli secure a £67.5m senior debt facility via a consortium of commercial lenders, facilitated by the Connecting Europe Broadband Fund (CEBF) – with “attractive terms” and the “potential for a further increase depending on business needs.”

We think that this funding, given their semi-rural build focus, is probably enough to get them over the 200,000 premises mark, but they’ll still need a lot more to reach the million mark.

Ashley Atkins, CFO of Trooli, said:

“We are committed to growing our network and meeting the need for really fast, reliable internet connections, especially in underserved rural areas.

Securing this level of funding not only underpins our ambitious growth plans but is also a vote of confidence in Trooli as a business and the product we offer.

Demand for our full fibre broadband has been extremely strong over the past year and we expect that to continue into the future.

Despite us running a small, targeted process, the offer has been many times oversubscribed. This fresh investment clearly demonstrates the banking community shares our vision.”

The provider’s broadband packages typically cost from £50 inc. VAT per month for an unlimited 300Mbps (100Mbps upload) service (currently discounted to £35) with free standard installation, and this rises to £80 for 900Mbps+ (300Mbps upload). The gigabit package may be more expensive than some rival gigabit plans, but this largely reflects the higher build costs of tackling rural / semi-rural towns and villages.