Wessex secures £50m funding boost

Wessex Internet has secured a £50m investment from the National Wealth Fund (NWF) to expand coverage to 140,000 hard-to-reach homes and businesses in the south west.

This funding adds to £72m awarded through Project Gigabit for the altnet to expand its existing network of 40,000 to approximately 137,000 rural premises. 

Hector Gibson Fleming, CEO of Wessex Internet, said: “This investment will support the scale and pace of Wessex Internet’s rural network build and enables us to continue delivering high-quality digital infrastructure in areas that have historically faced limited connectivity.

"As many broadband providers scale back, we have continued to grow by focusing on rural, hard-to-reach areas that others overlook."

Ian Brown, Head of Banking & Investments at the National Wealth Fund, added: “Our financing for Wessex Internet will ensure that under-served rural communities  will benefit from the continued full-fibre rollout."

Wessex Internet has won continued backing from its major investors including Aberdeen, the global investment company, which is a major equity investor in Wessex Internet through its Economic Infrastructure team.