TrueSpeed has secured £75 Million from Aviva Investors to build an Ultrafast Full Fibre Network in the Chew Valley and the wider South West area.
Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has committed £75 million to support Newton St Low based TrueSpeed Communications Limited ultrafast full fibre broadband network roll out 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 in several Chew Valley villages including Compton Dando, Woollard and Burnett, and the company say it is 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 he was delighted that Aviva could help TrueSpeed deliver their service to a wider area.
“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,” said Mr Berry.
Sean McLachlan, Senior Director, Infrastructure Equity, Aviva Investors explained that their investment would allow TrueSpeed to ’accelerate its business plan’ seeing this Chew Valley born company launched just two years ago expand from a demand-led
service to one that can ’provide world class infrastructure to users who are currently underserved.’
TrueSpeed CEO, Evan Wienburg said the investment from Aviva was ’brilliant news’ for local residents and businesses as it would allow more people to benefit from the high speed services they offer.
“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," said Mr Wienburg. "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!”