The funding will support Broadway’s aspirations to serve 250,000 homes and businesses by 2025 and to become the natural alternative provider of digital infrastructure wherever it operates.
Michael Armitage, CEO of Broadway Partners said, “The investment from Downing LLP will enable Broadway Partners to accelerate its rural broadband programme, offering vital connectivity to businesses and households in parts of the country that other providers can’t reach. We are fortunate to have had Souter Investments as our provider of funding and wise counsel since 2018, and their expertise and guidance have been invaluable as we have grown from ambitious start-up to even more ambitious challenger. We are looking forward to the next phase of our mission with Downing with confidence and optimism.”
Broadway Partners launched in 2016 to deliver affordable, high-speed broadband services to the more remote regions of the UK, particularly Wales and Scotland where there is a notable digital divide in countryside locations. Broadway has connected thousands of premises in communities across Arran, Inverness-shire, Ayrshire, Stirlingshire, Perth & Kinross, Monmouthshire and Pembrokeshire, with networks soon to be rolled out across Powys, Ceredigion, and Carmarthenshire.
Marcus Allchurch, Managing Partner at Acuity Advisors said:
“We have extensive experience working with independent fibre network businesses, and I am delighted to have secured this funding package for Broadway to accelerate its rollout. The team has a clear focus on delivering next generation full-fibre connectivity to rural communities in Wales and Scotland. I believe that Downing has backed a fantastic team and platform and look forward to watching the business thrive in partnership with its excellent new backer.”
Michael Armitage, CEO at Broadway Partners said:
“Thanks to Marcus and the rest of the Acuity team for all your efforts and for helping us see the process through to a great conclusion. Raising almost twice our original target is certainly quite a result! I’m looking forward to establishing a great, constructive relationship with our new investor.”
Barry Weaver, COO at Broadway Partners said:
“I want to thank the Acuity team for their excellent leadership and advice during the raise – hats off to all at Acuity.”