Aiming to become the "natural alternative provider" in its chosen locations, Broadway secured the funding from Downing LLP, which manages assets worth £1.4 billion.
Michael Armitage (pictured), CEO of Broadway Partners, confirmed the company will no longer be backed by Souter Investments, which has support Broadway for three and a half years.
He said: “The investment from Downing LLP will enable Broadway Partners to accelerate its rural broadband programme, offering vital connectivity to businesses and households in parts of the country that other providers can’t reach.
"We are fortunate to have had Souter Investments as our provider of funding and wise counsel since 2018, and their expertise and guidance have been invaluable as we have grown from ambitious start-up to even more ambitious challenger. We are looking forward to the next phase of our mission with Downing with confidence and optimism.”
Broadway Partners has set a target to connect 250,000 homes and businesses by 2025. Armitage has previously told Capacity that as much as 30% of the Welsh population does not have access to sufficient broadband. Similar situations exist across Scotland.
Barry Weaver, COO of Broadway Partners added: “The pandemic highlighted the critical importance of high-quality digital infrastructure, for the economy, for the delivery of public services, and for the well-being of individuals and communities. With Downing’s financial support and commitment to scale, we can look forward to delivering on the promise of a fully connected fibre future.”
Commenting on Souter's decision, Calum Cusiter said: “Our goal is always to leave our businesses in a better position than when we first invest and that is certainly true in this case due to the huge effort and expertise that the team have applied over the last few years. However, we are also sure that the investment and backing from Downing will facilitate the next and exciting stage of growth for Broadway."
