Truespeed gets cash boost

Created January 4, 2022
CityFibreNews and Business

Bath, UK-based optical infrastructure provider Truespeed, has secured a second tranche of funding from Aviva Investors, the global asset management business of Aviva PLC. The £100 million investment will help Truespeed accelerate the roll-out of its full fibre network to more homes and businesses across urban, semi-rural and ultra-rural areas of South West England. It follows an initial £75 million investment made by Aviva Investors in 2017.

Truespeed says its mission is to provide ultrafast, ultra-reliable broadband to the South West of England, helping to level up the digital capabilities of the region and acting as a catalyst for local businesses and communities struggling with substandard broadband.

In the past year, Truespeed has doubled the size of its network to bring gigabit-capable, fibre-optic connectivity to under-served areas of Somerset.  As well as expanding its footprint in hard-to-reach rural areas, the firm has extended its build to the heritage cities of Bath and Wells and has . In December 2021 the firm announced the start of its network build in Glastonbury, Shepton Mallet and Street.

Sean McLachlan, senior director, Infrastructure, at Aviva Investors, said: “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 create significant social benefits for local communities across the country. We look forward to continuing to support Truespeed and furthering the roll-out of its network build and award-winning service.”

James Lowther, Truespeed CEO, added: “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.  Credit to my predecessor Evan Wienburg and the great team here at Truespeed for the hard work undertaken to get us to this point. We are now an established and fast-growing employer in the region with a reputation for excellent staff training and personal development. It is a privilege to lead the business as we embark on our next phase of growth.”

Lowther succeeded former CEO Evan Wienburg in December 2021. He brings over 16 years’ experience in the telecoms sector, having held senior positions at UK companies including MVNO Lebara, optical network operator Gigaclear, Swedish quad-play service provider Com Hem (now Tele2 Group) and Virgin Media.

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This article was written
by Peter Dykes

Peter Dykes is a independent telecoms and technology journalist who has over that last 30 years written for a wide range of B2B publications and companies. A former BT engineer, he specialises in networks and associated support systems. He is currently Editor of Optical Connections.