BDB Pitmans acts for County Broadband in securing further £100 million investment for full-fibre rollout
Top 70 UK law firm, BDB Pitmans, has assisted regional internet service provider, County Broadband, in securing £100 million of funding in private investment from Aviva Investors. This will enable County Broadband to extend its full-fibre rollout to 500,000 premises across rural communities in the East of England by 2027.
BDB Pitmans first acted for County Broadband in connection with a transformational investment of £46 million from Aviva Investors provided through their infrastructure equity platform in 2018.
Founded in 2003, Essex-based alternative network provider (alt-net), County Broadband, already delivers fibre-to-the-premises (FTTP) broadband to over 150 villages across Essex, Norfolk, Suffolk, and Cambridgeshire.
County Broadband specialises in supporting rural communities to upgrade existing, inadequate broadband infrastructure, to gigabit-capable, full-fibre broadband connectivity, which is crucial to keep up with the demands that families and businesses have for fast, reliable internet that FTTP technology is able to provide.
The private investment is set to accelerate County Broadband’s expansion strategy allowing them to service thousands of homes in hardest-to-reach rural areas in the East of England as part of a long-term commitment to digitally future-proof the region and helping achieve Government-led ambitious targets to secure 85% full-fibre broadband coverage UK-wide by 2030.
The funding has also enabled County Broadband to unveil plans to invest in the local communities it serves, including contracts with local build contractors, onboarding of regional suppliers and double its existing workforce to over 250, including investment in local skills and apprentices.
The BDB team acting on the transaction was led by corporate partners Philip Lamb and Robert Chidley.
Partner Philip Lamb, commented:
‘As a long-standing client of BDB Pitmans, we were delighted to help County Broadband secure it’s second tranche of investment funding. The pandemic has made fibre connectivity a priority; with hybrid working, entertainment streaming and gaming more popular than ever, consumer appetite is at an all-time high. We have no doubt the provider will achieve its ambitious target and positively transform the lives of half a million homes and businesses by the end of 2027.’
Lloyd Felton, Founder and Chief Executive of County Broadband, said: