UK Landline Operator to Expand Gigabit Fibre Network
Published on: 12th Jun 2014
UK based fibre infrastructure provider CityFibre has announced accelerate plans to roll out Gigabit Cities throughout the UK after an oversubscribed £30 million secondary fundraising was approved. This latest funding round adds to the £16.5 million the company raised at its IPO four months ago.
The significant capital injection will support the deployment of networks in more than 20 new cities covering around a million properties by the end of 2016.
The company said that it has already seen substantial interest from local authorities across the country and will be opening an application process for the next 10 cities to be prioritised for roll-out.
This latest round of funding marks another key stage in the acceleration of CityFibre's development. The recent announcement of its joint venture with Sky and TalkTalk to rollout fibre-to-the-home (FTTH) networks in York and two further cities - the first time two major service providers have teamed with an alternative infrastructure provider. This was followed by an announcement last week that it had increased its national network footprint by nearly 50% with the acquisition of Coventry's city-wide fibre network from the city council. In Peterborough, the company's demand aggregation campaign has seen 15% of businesses in the city register their interest in services before construction began.
CityFibre CEO Greg Mesch commented: "We are delighted to have a strong capital base behind us and we can now put our foot firmly on the pedal in our roll-out of Gigabit Cities. All the evidence points to the social and economic advantages enjoyed by cities with a future-proofed digital infrastructure and we welcome the increased interest from cities and their service providers in our shared fibre infrastructure solution."