Trooli receives £67.5m funding boost in push for 1 million premises
UK broadband ISP Trooli has received £67.5 million in funding from a consortium of lenders as it looks to ramp up the rollout of its gigabit-capable network. The funding, which comes in the form of a senior debt facility, will provide a boost to the provider as it seeks to connect 1 million premises in the UK to its Fibre-to-the-Premises (FTTP) network by the end of 2024.
Trooli’s network has so far focused on areas of Kent, Surrey, Sussex, Hampshire, Suffolk, Berkshire and Wiltshire and has recently been extended into East Anglia. Currently, the provider has built up its network to 100,000 premises and has previously said it is aiming to connect 170,000 by the end of this year and 400,000 across approximately 300 UK towns and villages by December of next year.
So far, the provider’s rollout has been supported by around €30 million in funding from the Connecting Europe Broadband Fund (CEBF) and a £5 million funding package from NatWest Bank. The new funding was secured from a consortium of commercial lenders with support from the CEBF. The facility is said to have the potential to increase further “depending on business needs”.
Trooli’s Chief Financial Officer Ashley Atkins commented on the funding: “We are committed to growing our network and meeting the need for really fast, reliable internet connections, especially in underserved rural areas.”
“Securing this level of funding not only underpins our ambitious growth plans but is also a vote of confidence in Trooli as a business and the product we offer. Demand for our full-fibre broadband has been extremely strong over the past year and we expect that to continue into the future.”
“Despite us running a small, targeted process, the offer has been many times oversubscribed. This fresh investment clearly demonstrates the banking community shares our vision.”