Broadband infrastructure firm Quickline Communications has secured a £250m funding package to fuel expansion.
The Hull-based rural connection specialist will use a £125m term loan, a £100m debt guarantee and a £25m term loan, provided by the UK Infrastructure Bank and NatWest, to support its target of serving 500,000 rural premises across Yorkshire and Lincolnshire. The funding is said to unlock additional private investment
It comes amid Quickline’s work on the Government’s £5bn ‘Project Gigabit’ programme to give hard to reach areas broadband. Through its contract, Quickline will connect nearly 170,000 homes and businesses to full-fibre broadband in hard-to reach rural areas across Yorkshire and Lincolnshire, and has promised to grow its commercial network to a further 190,000 in those areas.
Sean Royce CEO at Quickline, said: “This financial backing marks a significant endorsement of Quickline’s robust business model, our mission to connect the unconnected and to help regenerate our northern rural communities. Furthermore, it demonstrates UKIB’s confidence in our strategic vision and operational capabilities. It also reflects a broader investor interest in tackling the digital divide that exists today and supporting sustainable and impactful business initiatives.
“Quickline has a proven track record in delivering fast and reliable broadband to underserved, rural communities which clearly resonated with UKIB, further solidifying our position as a leader in the industry. This partnership will support our deployment of vital connectivity infrastructure, bringing essential digital services to even more rural communities in dire need of improved broadband and kickstart economic growth across rural Yorkshire and Lincolnshire.”
Ian Brown, head of banking and investments at UK Infrastructure Bank, said: “We are pleased to support Quickline with their continued network expansion to bring better connectivity to homes and businesses across Yorkshire and Lincolnshire. Our guarantee product is perfectly placed to unlock additional investment into the market to improve digital infrastructure in harder to reach areas of the UK.”
Quickline was advised by PwC and DLA Piper and the lenders were advised by Ashurst and UKIB as guarantor, advised by Slaughter & May.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
