Following a report from INCA and Point Topic that altnets have now passed more premises in aggregate than Openreach, Neos CEO Lee Myall states that consolidation is the next natural step.
Tue, 19/03/2024 - 16:46
Netomnia is updating its build plans to target two million premises passed, CEO Jeremy Chelot tells FibreProvider.net
Driven by its ISP sister company YouFibre, Netomnia is also hoping to achieve 33% take up across the network.
This follows news that the altnet, along with ISP sister company YouFibre, has completed an additional fundraise of £147.5m in its accordion facility welcoming three new lenders: Barclays, Alpha Bank and Nord/LB.
To date, Netomnia has passed 850,000 premises and is continuing to build at pace at around 500,000 premises per year.
Chelot said: “Our priorities are to continue to deliver the rollout plan and to raise additional capital, so we can build our network to as many homes and businesses as possible.
“There is an opportunity for Netomnia to become the second-largest altnet in the UK in 2024 and we are primed to seize that opportunity.”
Chelot reveals that Netomnia is optimistic for M&A activity in the year ahead but this will be difficult due to capital efficiencies. “It is almost always cheaper for us to build and connect customers than acquire them. We have a strong organic growth plan for premises passed and take-up.”
