24th January 2022
Full fibre broadband provider secures funding from Aviva Investors for broadband rollout.
Thrings has helped long-term client Truespeed Communications Limited secure an additional £100m of funding which will enable the leading internet service provider to accelerate its delivery of full fibre broadband across the South West.
The investment from Aviva Investors, the global asset management business of Aviva, will support the roll-out of Truespeed’s ultrafast, gigabit-capable full fibre network to more homes and businesses across urban, semi-rural and ultra-rural areas.
The transaction was led by Mike Tomlin, head of Banking and Finance at Thrings. He was supported by fellow corporate partner John Richardson and solicitor Matt Cornforth.
The funding follows the £75m investment in Bath-based Truespeed by Aviva Investors in 2017, which was also handled by Thrings.
Since its inception in 2014, Truespeed has rolled out ultrafast broadband to residents and businesses in more than 200 communities across the South West and provided free broadband for life to more than 80 schools and community hubs. Yeo Valley and Thatchers Cider are also among those who use its full fibre services.
In the past year, the company has doubled the size of its network to bring gigabit-capable, fibre-optic connectivity to under-served rural and urban communities in the South West. Having announced the rollout of its network to residential and commercial customers in Glastonbury, Street and Shepton Mallet in December 2021, the company has already connected its first customers in these areas.
James Lowther, who succeeded Evan Wienburg as CEO of Truespeed last month, said: “We are delighted that our continuing relationship with Aviva Investors has provided this next tranche of investment. This will allow us to significantly accelerate our roll-out, enabling us to connect more customers to our ultrafast, ultra-reliable full fibre service.”
Mike Tomlin said: “Having worked with Truespeed from their very early days as a community interest company, and through the various funding rounds they have undergone to date, we are very pleased to have advised the company in relation to this new investment which will enable them to continue to supply the wide-ranging and high-quality network and service they have become known for.”
Sean McLachlan, senior director, infrastructure, at Aviva Investors, added: “Since our initial investment in 2017, Truespeed has continued to successfully deliver essential gigabit-capable broadband infrastructure to under-served locations across the South West of the UK. This second tranche of funding reflects our belief that the company and its activities not only represent a sound investment, but also creates significant social benefits for local communities across the country."