In a strategic move aimed at accelerating its UK growth strategy, ITS, the prominent business fibre network provider, has successfully secured £100 million in debt financing from Avenue Capital Group, a global investment firm. This significant investment complements the existing financial support from Aviva Investors, reinforcing ITS’ commitment to expanding its full fibre network across 50% of the UK’s commercial business premises.
The funds obtained from Avenue Capital Group, in addition to the substantial facility already provided by Aviva Investors, will not only fuel the organic growth of ITS but will also facilitate strategic mergers and acquisitions (M&A) as part of the company’s growth trajectory.
Over the past five years, ITS has positioned itself as a national full fibre infrastructure operator, boasting a robust and reliable network equipped with industry-leading technology. Specializing in business-to-business (B2B) fibre solutions, ITS currently boasts the largest business fibre footprint beyond the incumbent providers.
The company’s infrastructure supports symmetrical services up to 10Gbps through XGS-PON technology, providing open access to a network comprising more than 500 partners in the UK. This extensive network caters to some of the country’s most forward-thinking business and public sector entities.
Daren Baythorpe, CEO at ITS, expressed enthusiasm about the partnership with Avenue Capital Group, stating, “This additional funding recognizes the strength in our business plan as we continue to expand our network, as well as consider strategic acquisitions, as the fibre market adapts to changing technology and undergoes consolidation.”
Jonathan Ford, Senior Portfolio Manager and Head of Europe Strategy at Avenue Capital, expressed delight in supporting ITS’ business-to-business fibre rollout. He emphasized the depth of industry relationships and strong delivery track record within ITS’ management team.
Darryl Murphy, Head of Infrastructure at Aviva Investors, highlighted the encouraging collaboration, stating, “It is encouraging to have secured funding into ITS from Avenue Capital, which, alongside existing investments made by Aviva Investors, will enable the business to maximize its potential.”
This significant injection of capital positions ITS to play a pivotal role in the UK’s digital evolution, reinforcing the company’s commitment to robust growth and innovation in the business fibre sector.
