The Bank’s £20 million funding commitment is in addition to £5 million of new investment from the company’s current shareholders and is part of Lothian Broadband Group’s plans to invest £75 million to connect over 70,000 premises in rural communities and small towns across Scotland over the next four years.
LBG was founded in 2015 to deliver enhanced broadband to communities, individuals and businesses in need of superfast, reliable connectivity and is already investing to deliver full-fibre broadband across East Lothian. The announcement of funding from SNIB signals an expansion of LBG’s geographic ambitions, with capital now secured to drive further operational scale-up and rapidly accelerate fibre deployment in 2022.
Gavin Rodgers, CEO of Lothian Broadband said:
“I want to thank Marcus and the Acuity team for the support they gave us throughout the fundraising process. This investment will allow us to continue our rapid scale-up and underpins our commitment to deploy quality digital infrastructure and connect villages and towns throughout Scotland.”
Marcus Allchurch, Managing Partner at Acuity commented:
“We are thrilled to have supported Gavin and his excellent team to secure the funding they need to accelerate LBG’s full-fibre rollout in 2022. We wish the team every success as they get on with the job of building out the network and look forward to many more positive updates to come.”