Grain secures additional £130m of funding

Grain has secured £130m in funding to accelerate its fibre rollout. This consists of a £110m bank facility from Nord L/B and £21m of additional equity from existing shareholders Equitix, Albion Capital and Pinnacle Group.

This funding adds to the £90m previously raised and brings the total capital invested in the altnet to over £200m.

CFO Roland Barzegar said: “This will see us accelerate the rollout already underway across the country. We have proven that our model is working and our investors have helped us to bring to life our vision.

In the last year, Grain has employed over 100 new people and opened a new Head Office in Carlisle.