Netomnia, a rapidly growing alternative broadband provider, has successfully secured £230 million in committed debt financing through a funding round led by a consortium of prominent financial institutions including HSBC UK, ING, NIBC, RBC, Standard Chartered, and UKIB. The financing deal also includes an accordion for potential future funding, further bolstering the growth prospects of the company.
This substantial financial backing comes at a crucial juncture in Netomnia’s expansive network deployment. Recognized for its rapid network rollout and efficient capital utilization, Netomnia has swiftly climbed the ranks to become the fourth largest altnet in the UK within a span of just two and a half years. The company has recently surpassed the milestone of 410,000 premises ready for service and has successfully connected 28,000 customers. The momentum in its network expansion is steadily picking up pace as it marches towards its target of reaching 1 million homes and businesses.
Wil Wadsworth, CFO at Netomnia and YouFibre, expressed his satisfaction, stating, “We are very pleased to welcome this new group of lenders to Netomnia and are thrilled they have chosen to support the continued acceleration of our business. The enthusiasm from these institutions to support our business is a testament to our successes at Netomnia and YouFibre, and our unique approach to building our full fibre network and providing best-in-class Internet speeds and services to customers across the UK.”
He emphasized the importance of this funding in the context of the rising cost of living and its impact on individuals and businesses, saying, “Everyone in the UK is impacted by the rising cost of living, and interest rates are hitting businesses and families alike. Now more than ever it’s vital that we continue to build our network at pace to provide better and more affordable broadband to as many homes and businesses as we can.”
