Fibrus secures £100m to reach half a million homes

Fibrus has secured £100M in additional funding to complete its fibre rollout to 500,000 homes in Northern Ireland and Cumbria within the next two years.

The package increases its existing £200m senior debt facility and £20m revolving credit facility.

The amendment to the existing facility was supported by all its existing lenders: UKIB, ING, LBBW, ABN Amro, Natwest and Sabadell.

The £320m of committed debt sits alongside around £200m in current and committed equity funding and £325million of government funding. In total, this amounts to £845m

Fibrus currently addresses 315,000 homes, 245,000 through its commercially funded build programme, and a further 70,000 through the Government funded Project Stratum.

In Cumbria, Fibrus has delivered connectivity to over 60,000 homes, which will increase to close to 170,000 within the next two years.

Dominic Kearns, Founder and CEO, said: We are now fully funded for all our existing programmes, and within two years we will have built to half a million properties.”

Colin Hutchinson, CFO of Fibrus, added: “The need for Fibrus is clear in the level of penetration we are achieving, particularly in Cumbria where penetration regularly exceeds 30% within a few months of launch.”

The altnets customer base reached 90,000 connected customers in July.