Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has committed £75 million to Bath-based TrueSpeed Communications Limited (“TrueSpeed”) to support the roll out of TrueSpeed’s ultrafast full fibre broadband network across South West England.
Established in 2015 to deliver a fibre-optic infrastructure network across South West England, TrueSpeed provides residential and commercial customers with multi-gigabit capable symmetrical speeds through a full fibre network. TrueSpeed already provides this service to homes connected to its fibre-to-the-premises (FTTP) network throughout the Chew Valley, Somerset, transforming the way people live and work in rural communities.
The partnership with Aviva Investors allows TrueSpeed to accelerate its expansion strategy to pass up to 75,000 homes and businesses in the region.
Ian Berry, Head of Infrastructure Equity, Aviva Investors said: “I am delighted that Aviva Investors has helped bring this innovative partnership with TrueSpeed to fruition. This is another example of how we work to support the delivery of essential infrastructure in the UK, while also providing our institutional investor clients with access to long-dated income streams to help ensure the payment of pensions potentially decades into the future.”
Sean McLachlan, Senior Director, Infrastructure Equity, Aviva Investors commented: “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 CEO, Evan Wienburg added:“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 brand 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. Fast, Fair, Forever!”
The corporate and banking team at regional law firm Thrings advised long-standing client TrueSpeed, which was originally set up as a community interest company, in relation to the investment.
Mike Tomlin, who is a partner in the Thrings corporate and banking team, 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.”
To find out more about TrueSpeed visit: www.truespeed.com
