Aviva Investors commit £75m to help TrueSpeed expand its ultrafast network across the South West

July 14, 2017

Bath-based fibre-optic infrastructure firm TrueSpeed Communications has received £75m from insurance giant Aviva’s global asset management arm to speed up the roll-out of its network to a further 75,000 homes and businesses in the region.

TrueSpeed was set up in 2015 to deliver a fibre-optic infrastructure network across South West. It provides residential and commercial customers with multi-gigabit capable symmetrical speeds through a full fibre network.  

The ambitious firm, which is based at Newton St Loe and was originally set up as a community interest company (CIC), has so far provided this service to homes connected to its fibre-to-the-premises (FTTP) network throughout the Chew Valley.

TrueSpeed is chaired by Clarke Osborne, the widely experienced gaming, leisure and property figure who is also chairman of Swindon-based greyhound stadium and entertainment venue operator Gaming International, which also owns Torquay United football club.

The investment from Aviva Investors comes as pressure grows on the government to ensure that the UK has a modern, high-speed network, particularly in rural areas where it can transform the way people live and work.

TrueSpeed CEO Evan Wienburg said: “This is brilliant news for the residents and businesses in our region. This significant investment will enable TrueSpeed to roll out the full fibre network infrastructure and services the region has needed and will provide our customers with a high-quality broadband and data capabilities for the first time.

“This new infrastructure will be capable of handling the speed requirements of our customers now and in the future at a competitive price and with a regional service focus.

“My whole team is very much looking forward to working with Aviva Investors and delivering some of the fastest and most reliable internet found anywhere in the world.”

Aviva Investors senior director, infrastructure equity, Sean McLachlan added: “Aviva Investors is pleased to support the rollout of TrueSpeed’s ultrafast FTTP network. There is a clear and growing demand for this essential infrastructure across the country, in particular rural locations.

“The funding Aviva Investors is providing will allow TrueSpeed and its management team to accelerate its business plan and network expansion to provide world class infrastructure to users who are currently underserved.”

TrueSpeed was advised on the investment by the corporate and banking team at regional law firm Thrings, which has worked with the firm from its formation.

Partner Mike Tomlin said: “We are very pleased to have advised TrueSpeed in relation to the structure and terms of this multi-million pound deal, and on the impact for the company and its shareholders.

“This is an exciting development for TrueSpeed and for businesses and householders across the region who will benefit from the roll-out of this ultrafast full fibre network.”




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