Fibrus, of full-fibre broadband provider, has announced the acquisition of an additional £100 million in senior debt funding. The funding boost will allow the company to provide high-speed broadband to half a million homes in Northern Ireland and Cumbria within the next two years.
The new funding is an extension of Fibrus's existing £200 million senior debt facility and a £20 million revolving credit facility. The company's lenders—UK Infrastructure Bank (UKIB), ING, LBBW, ABN Amro, NatWest, and Sabadell—have all backed this expansion, with three of these institutions contributing to the new £100 million accordion facility.
In total, Fibrus now has £845 million in funding. This includes £320 million in committed debt, approximately £200 million in current and committed equity funding, and £325 million from government funding. These funds are dedicated to delivering full-fibre broadband to underserved rural and regional areas, particularly those that are notoriously difficult to reach.
Fibrus has already made significant progress in Northern Ireland, where it has nearly completed its build programme. The company currently provides broadband services to 315,000 homes—245,000 of which were connected through its commercially funded build programme, and another 70,000 through the government-funded Project Stratum.
In Cumbria, Fibrus has connected over 60,000 homes to its high-speed network, with plans to expand this to nearly 170,000 homes over the next two years. The recent debt raise fully funds these expansion efforts, ensuring that even the most remote communities in Cumbria will have access to reliable and fast internet.
Fibrus’s CEO, Dominic Kearns commented, "We are absolutely delighted to have secured this additional tranche of debt funding with the support from our existing lenders. Receiving this £100m commitment in today’s very challenging market is particularly pleasing and is a huge vote of confidence in our business."
Colin Hutchinson, CFO of Fibrus and leader of the fundraising effort said, "This £100 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, which is contributing £55 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 Cumbria."
