toob secures up to £300m to expand south England rollout

toob has secured more than £160m from funds managed by Ares Management’s Infrastructure Debt strategy to grow its customer base to more than 120k customers and extend its network to over 300k premises.

The company currently has a base of 20k customers on its network covering 140k premises across Southampton and other towns in the south of England. 

The investment can be upsized up to £300m over time to support future growth opportunities and toob’s current shareholder, will also invest significant further equity.

Nick Parbutt, CEO, toob, said: “This investment gives us the capital to extend our network and most importantly it secures the business through to profitability as a platform for growth.”