Abingdon internet giant Gigaclear bags £111m investment to roll out rural broadband
Matthew Hare, chief executive of Abingdon-based internet infrastructure firm Gigaclear
ABINGDON-based internet infrastructure firm Gigaclear has won ?111m investment to build broadband networks across rural Britain – but not Oxfordshire. The company said the cash injection would create ‘many new jobs’ at its Abingdon headquarters. Gigaclear recently won several tenders to deliver broadband networks to hundreds of thousands of homes and businesses across Devon, Somerset, Gloucestershire, Herefordshire and Northamptonshire through the Government-backed Broadband Delivery UK (BDUK) programme.
The new investment will fund the first stage of these new networks, along with other commercial network build projects. Existing shareholders Infracapital and Woodford Investment Management have committed ?60m and ?15m respectively with other shareholders contributing a further ?1m. Railways Pension Scheme RPMI RailPen is a new investor, putting ?35m into the company.
Gigaclear chief executive Matthew Hare commented: “This latest round of investment will enable Gigaclear to step up our speed of network delivery and is a clear signal of the confidence investors have in our continued expansion and success.
“Millions of rural homes and businesses across the country need better broadband and we want to reach as many of those in rural areas as quickly as possible.
“Our pure fibre network transforms lives by providing access to the fastest internet speeds to be found anywhere in the world and technologically future-proofing these rural communities for years to come.”