Soho Square Portfolio Company Netomnia to merge with Brsk Creating the Second Largest Altnet in the UK

15th June 2024

Soho Square Capital LLP (“Soho Square”), an investment firm focused on financing established and growing UK and European SMEs is pleased to confirm its portfolio company Netomnia, one of the fastest growing altnets in the UK telecommunications industry, today announced a merger to establish the only scaled and capital-efficient retail, wholesale and consolidation platform in the market. The new group will have a combined network footprint of 1.5 million premises immediately post-merger, with a target of reaching 3 million premises by the end of next year.



This merger marks a transformative step for the UK telecoms industry, combining two highly experienced management teams with proven track records who have successfully built fibre and delivered excellent customer service across different businesses. Netomnia and Brsk built 1.5 million premises Ready for Service “RFS” and connected 140,000 customers so far using £300 million of debt. They plan to use up to £900m of debt to grow the footprint to 3 million premises, demonstrating the companies’ prudent approach to capital management.


Since 2020, Netomnia and Brsk have raised over £1.3 billion of capital, with support from investors Advencap (shareholders of both Netomnia and BRSK), DigitalBridge, and Soho Square Capital. DigitalBridge and Advencap will be committing additional equity funding as part of this raise. Recently, Netomnia secured an additional £147 million in debt from two new lenders, JP Morgan (JPM) and Rand Merchant Bank (RMB), joining existing lenders Alpha Bank, Ares, Barclays, HSBC UK, ING, NIBC, Nord/LB, Standard Chartered, RBC, and UKIB.


Jeremy Chelot, CEO of Netomnia, comments: "By merging our network expertise and resources, we are creating a powerhouse to deliver an unparalleled internet experience for our customers, driving innovation and further consolidation among altnets. The additional capital from our investors and support from our lenders is a powerful endorsement of our vision and ability to execute at the highest level.”


Giorgio Iovino, CEO of Brsk, comments: "The merger is a testament to our shared entrepreneurial spirit and experienced teams that can deliver even more. Together, we are set to deliver a fibre network that is not only fast and reliable but also future-proof, ensuring our customers benefit today and tomorrow. Our joint platform will be where the most powerful internet lives.”


The merger is set to be finalised in the coming weeks, pending regulatory approval, enabling customers to benefit from an alternative FTTP platform that offers a seamless network experience, unified pricing, and enhanced service quality across the shared footprint. The newly merged entity will be led by Jeremy Chelot as Chief Executive Officer and Wil Wadsworth as Chief Financial Officer. Giorgio Iovino and Ian Kock will remain as Chief Executive Officer and Chief Operating Officer, respectively, of Brsk.




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About Soho Square Capital

Soho Square Capital is an investment firm focused on providing flexible capital solutions, typically in the form of senior or preferred capital with minority equity stakes, to established and growing UK and European SMEs. Headquartered in London, the firm is led by a highly experienced team that has been investing together for over 15 years, through many economic cycles and have the expertise and flexibility to invest up to £40 million in any given transaction, across the capital structure, from senior debt to equity. The team works closely with business owners and management teams to structure innovative, bespoke financing solutions and offer enhanced portfolio company support.


About Netomnia

Founded in 2019, Netomnia is developing full-fibre infrastructure, utilising innovative technology and agile deployment, to bring ultrafast broadband to under-served towns and cities across the UK.

Netomnia makes wholesale connectivity available to service providers, including YouFibre, which has been delivering the UK’s fastest broadband packages of up to 10Gbps to customers.