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, along with ISP sister company YouFibre, has raised £230 million in committed debt financing.
The financing package also includes an accordion to be raised in the future to support the continued growth of the business. Soho Square was the original backer of the business in 2020 and provided further follow on funding in 2022 alongside DigitalBridge and Advencap.
Walid Fakhry, Co-Managing Partner at Soho Square, commented:
“Netomnia is growing fast under its highly capable management team, working closely with the Soho Square team, and has become the fourth biggest altnet in the UK in just two and half years. The business is scaling up to meet increasing demand for full fibre broadband across the UK and today’s successful debt raise will underpin its fast network rollout. At Soho Square, we strive to partner with growing businesses where we are fully aligned with management who remain significant owners of their business. Netomnia is demonstrating the benefit of this strategy and we’re excited for its future.”
NETOMNIA & YOUFIBRE ANNOUNCENENT:
Netomnia, one of the fastest growing altnets in the UK, along with ISP sister company YouFibre, has raised £230 million in committed debt financing.
Netomnia has successfully completed its latest fundraise of £230 million in committed debt financing from a group of six bank lenders, comprised of HSBC, ING, NIBC, RBC, Standard Chartered, and UKIB. The financing package also includes an accordion to be raised in the future to support the continued growth of the business.
The backing comes at a pivotal moment in Netomnia’s network deployment. The company, known for its fast network rollout and efficient use of capital, has become the fourth largest altnet in the UK in two and half years, recently passing 410,000 premises ready for service and connecting 28,000 customers. Its build speed continues to accelerate as it closes in on the goal of 1 million homes and businesses passed.
Wil Wadsworth, CFO at Netomnia and YouFibre, says, “We are very pleased to welcome this new group of lenders to Netomnia and are thrilled they have chosen to support the continued acceleration of our business. The enthusiasm from these institutions to support our business is a testament to our successes at Netomnia and YouFibre, and our unique approach to building our full fibre network and providing best-in-class Internet speeds and services to customers across the UK.
“Everyone in the UK is impacted by the rising cost of living, and interest rates are hitting businesses and families alike. Now more than ever it’s vital that we continue to build our network at pace to provide better and more affordable broadband to as many homes and businesses as we can.”
Netomnia and YouFibre were advised by Rothschild & Co and Allen & Overy.
For the latest information on Netomnia’s rollout plans, please visit www.netomnia.com/rollout
For further information
If you would like to discuss future investment opportunities, please contact:
James Smallridge
+44 (0)79714 75582
Media:
Kepler Communications
Charlotte Balbirnie Caroline Villiers
+44 (0)7989 528421 +44 (0)7808 585184
CBalbirnie@keplercomms.com CVilliers@keplercomms.com
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
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. Founded in 2019, Netomnia is investing in rapidly building a high-quality multi-gigabit network for UK homes and businesses.
Netomnia is aiming to become the third national full fibre network operator in the UK. In partnership with major UK construction companies, Netomnia is committed to help level the digital playing field by providing access to truly fast and affordable digital connectivity to as many UK residents and businesses as possible, targeting 1 million residential and business. Netomnia makes wholesale connectivity available to service providers, including YouFibre, which has been delivering the UK’s fastest broadband packages of up to 10 Gbps to customers.
About YouFibre
Founded in 2019, we’re on a mission to bring ultrafast internet to our customers. Guided by the principles of flawless customer support, fair contracts, and affordable pricing, YouFibre brings full fibre broadband to UK homes and offices, creating the best internet experience possible.