MARCUS ALLCHURCH
Managing Partner
Acuity client Trooli secures £67M additional funding as UK fibre market heats up
In another sign of the deep appetite for network infrastructure investment, UK broadband provider Trooli has secured £67.5 million to roll out fibre in the South East of the UK.
The funding was secured through a senior debt facility from a group of commercial lenders, led by the Connecting Europe Broadband Fund (CEBF) team. It will be used to expand the reach of Trooli’s ultrafast network to East Anglia – taking it from 100,000 premises passed today to one million premises by 2024.
Trooli’s gigabit capable network delivers full-fibre connections directly into homes and businesses, achieving speeds that are up to 13 times quicker than the UK average. Demand for this has grown significantly in the wake of the Covid-19 pandemic, leading Trooli to more than double its workforce over the last year.
Until now, the network expansion has been supported by funding raised by Acuity of €30 million from the Connecting Europe Broadband Fund and a senior facility agreement with NatWest Bank worth £5 million. The new £67.5 million deal, which comes with “potential for a further increase depending on business needs”, shows the sustained buoyancy of the UK fibre market.
Recent analysis from the industry body, INCA found that £5.6bn of capital expenditure had already been committed in early 2021, and that almost £12bn additional investment is expected from now until the end of 2025.
“Whilst not the first secondary fund-raise by an Altnet, we expect lots of those who raised initial capital in 2018/19 to be announcing more funds over the coming months. As teams mature and confidence grows, there will be a push to accelerate roll-outs and the beginnings of consolidation in the market.”
MARCUS ALLCHURCH | Managing Partner
Acuity Advisors
Marcus joined Acuity in 2014, before which he held senior leadership and corporate finance positions with some of the UK’s most successful advisory and telecoms businesses. Roles with EE, KPMG Corporate Finance and BDO Corporate Finance have seen Marcus work in the UK and across the globe with successful entrepreneurs seeking exit, and at board level with multi-national corporates looking for growth through organic and inorganic investment.
