{"id":39142,"date":"2024-08-26T15:37:56","date_gmt":"2024-08-26T14:37:56","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=39142"},"modified":"2024-08-26T15:37:56","modified_gmt":"2024-08-26T14:37:56","slug":"fibrus-get-100m-boost-to-help-complete-uk-full-fibre-broadband-build","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2024\/08\/fibrus-get-100m-boost-to-help-complete-uk-full-fibre-broadband-build.html","title":{"rendered":"Fibrus Get \u00a3100m Boost to Help Complete UK Full Fibre Broadband Build"},"content":{"rendered":"<p>Alternative network ISP <a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/fibrus\" target=\"_blank\">Fibrus<\/a>, which is deploying a new multi-gigabit speed Fibre-to-the-Premises (<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/fttp\">FTTP<\/a>) broadband network across rural parts of Cumbria and Northern Ireland, has today announced that they&#8217;ve secured an additional \u00a3100m tranche of Senior Debt and are now &#8220;<em>fully funded to complete<\/em>&#8221; their roll-out plan for 500,000 UK premises.<!--more--><\/p>\n<p>The new funding package represents an increase to the Belfast-based operator&#8217;s existing \u00a3200m senior debt facility and \u00a320m revolving credit facility (RCF). The amendment to the existing facility was supported by all its existing lenders: UKIB, ING, LBBW, ABN Amro, Natwest and Sabadell, and three of these lenders are contributing to the \u00a3100m accordion facility.<\/p>\n<div class=\"bq2\"><strong>NOTE:<\/strong> The \u00a3320m of committed debt sits alongside around \u00a3200m in current and committed equity funding and \u00a3325m of government funding (e.g. \u00a3197m <a href=\"https:\/\/hyperfastni.com\/availability\" target=\"_blank\" rel=\"noopener\"><strong>Project Stratum<\/strong><\/a> \u2013 up to 82,000 premises by June 2025 in N.Ireland \u2013 and the \u00a3108m Project Gigabit contract for 60,000 premises in Cumbria \u2013 <a href=\"https:\/\/hyperfastgb.com\/\" target=\"_blank\" rel=\"noopener\"><strong>Hyperfast GB<\/strong><\/a>). A total of \u00a3845m.<\/div>\n<p>In terms of build progress, <a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/fibrus\" target=\"_blank\">Fibrus<\/a> reports that they&#8217;ve now &#8220;<em>largely completed<\/em>&#8221; their build in Northern Ireland and have already covered 315,000 homes, which includes 245,000 through its commercial build and a further 70,000 through Project Stratum.<\/p>\n<p>On top of that they&#8217;ve also built to over 60,000 homes in Cumbria and plan to reach 170,000 within the next two years (this is now fully funded by today&#8217;s debt raise). The operator&#8217;s total UK coverage thus now stands at 375,000 premises passed (it&#8217;s unclear if these are all &#8216;Ready for Service&#8217;), which is up from 354,000 premises on 31st March 2024.<\/p>\n<blockquote class=\"bq1\"><p><strong>Dominic Kearns, Founder &amp; CEO, said:<\/strong><\/p>\n<p>\u201cWe are absolutely delighted to have secured this additional tranche of debt funding with the support from our existing lenders. Receiving this \u00a3100m commitment in today\u2019s very challenging market is particularly pleasing and is a huge vote of confidence in our business.<\/p>\n<p>We are now fully funded for all our existing programmes, and within two years we will have built to half a million properties that can benefit from broadband that is done right.\u201d<\/p><\/blockquote>\n<blockquote class=\"bq1\"><p><strong>Colin Hutchinson, CFO of <a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/fibrus\" target=\"_blank\">Fibrus<\/a>, said:<\/strong><\/p>\n<p>\u201cThis \u00a3100 million funding will enable Fibrus to continue in its mission to transform the lives of customers who had previously been left behind. The support from our existing lenders, including UKIB who are contributing \u00a355 million, demonstrates the strength of our plans to bring a faster, more reliable, and affordable broadband service to the hardest to reach parts of Northern Ireland and now Cumbria. The need for Fibrus is clear in the level of penetration we are achieving, particularly in Cumbria where penetration regularly exceeds 30% within a few months of launch.<\/p>\n<p>The Fibrus roll out in Northern Ireland has made a significant contribution to the digital connectivity landscape, with the region now enjoying the highest rate of connectivity of all the UK regions \u2013 sitting at 91% coverage against a UK average of 56%.\u201d<\/p><\/blockquote>\n<p>Finally, Fibrus notes that their customer base continues to increase, reaching <strong>90,000 connected customers<\/strong> in July 2024 (up from 80,000 on 31st March 2024), and &#8220;<em>achieving a penetration level of 23%<\/em>&#8220;. This is a strong position for an operator at Fibrus&#8217; stage of development to be at.<\/p>\n<p>Residential customers can expect to pay from <del>\u00a324.99<\/del> \u00a321.99 per month for download speeds of 159Mbps (average) and uploads of 34Mbps on a 24-month term (\u00a339.99 thereafter), which rises to <del>\u00a344.99<\/del> \u00a339.99 for their top 982Mbps (310Mbps) tier (\u00a359.99 thereafter). The packages also include an <a href=\"https:\/\/www.ispreview.co.uk\/index.php\/go\/amazon\" rel=\"nofollow\" target=\"_blank\">Amazon<\/a> Eero 6+ router (or routers), UK support, free setup and the pledge of \u201c<em>no mid-contract price hikes<\/em>\u201c. Prices may differ in areas of subsidised build. Fibrus does have a 2Gbps plan too, but they don&#8217;t advertise it.<\/p>\n<div class=\"bq2\"><strong>NOTE:<\/strong> Fibrus is backed by Infracapital, which also owns or has stakes in <a href=\"https:\/\/www.ispreview.co.uk\/index.php\/go\/gigaclear\" rel=\"nofollow\" target=\"_blank\">Gigaclear<\/a>,&nbsp;<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/spectruminternet\" target=\"_blank\">Ogi<\/a>,&nbsp;<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/neos\" target=\"_blank\">Neos Networks<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/wightfibre\">WightFibre<\/a>&nbsp;etc.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Alternative network ISP Fibrus, which is deploying a new multi-gigabit speed Fibre-to-the-Premises (FTTP) broadband network across rural parts of Cumbria and Northern Ireland, has today announced that they&#8217;ve secured an additional \u00a3100m tranche of Senior Debt and are now &#8220;fully funded to complete&#8221; their roll-out plan for 500,000 UK premises.<\/p>\n","protected":false},"author":1,"featured_media":30600,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[444,1995,56,414,1997],"class_list":["post-39142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk_isp_news","tag-cumbria","tag-fibrus","tag-fttp","tag-northern-ireland","tag-uk-gigabit-programme"],"share_on_mastodon":{"url":"https:\/\/mastodon.social\/@ispreview\/113028836913906130","error":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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