Community Fibre secures £985m finance facility
October 11, 2022
By Colin Mann
London-based ISP Community Fibre Limited has signed a new finance facility of £985 million (€1.12bn) which will enable the company to continue to execute its rapid roll out of a full-fibre broadband network to 2.2 million London homes by the end of 2024.
Community Fibre already has 675,000 ready for service homes in London and the South East. The £985 million is made up from £685 million committed facilities with a further £300 million uncommitted accordion. Community Fibre were advised by Rothschild & Co.
The secured finance facility follows Community Fibre’s £400 million investment announcement in 2020 where it reached a majority stake agreement with funds advised by Warburg Pincus LLC and DTCP, alongside its existing investors Amber Infrastructure and RPMI Railpen.
Community Fibre builds, operates, and owns its dedicated 100 per cent full fibre network with the most advanced technology available to deliver fast and reliable broadband using 100 per cent full fibre to the property (FTTP). Community Fibre is already London’s largest and fastest 100 per cent full fibre broadband provider.
“We are delighted that lenders have seen the impact of our ever-increasing network and the level of customer interest in faster, more reliable and more affordable broadband access,” declared Graeme Oxby, CEO of Community Fibre. “In a time of money worries for many families Community Fibre has been able to deliver a better service for a lower price. We will now be able to accelerate our network roll out and bring these benefits to a much larger number of customers.”
“The lenders and our shareholders share the view that Community Fibre’s momentum will further strengthen its position as the best and largest FTTH provider in London,” added Olaf Swantee, Chairman of Community Fibre.