Trooli secures £67.5m further expansion capital with potential for more
Trooli secures £67.5m further expansion capital with potential for more | Trooli
Trooli plans to roll out full fibre broadband to 400K premises within two years, reaching 300 towns and villages, rising to one million premises by 2024
The rollout is expected to create more than 200 new jobs
Around 6,000km of fibre will be laid in reaching 400K premises
One of the biggest Fibre To The Premises (known as FTTP) infrastructure projects in rural and semi-rural communities in South East England.
Strong demand for full fibre broadband and high levels of customer satisfaction have seen rapidly-growing independent Internet Service Provider (ISP) Trooli secure a £67.5m senior debt facility with the support of the Connecting Europe Broadband Fund (CEBF) team – with attractive terms from a consortium of commercial lenders, with potential for a further increase depending on business needs.
The funds will be used to expand the reach of Trooli’s Gigabit-capable network as it increases from more than 100,000 premises today to 170,000 by the end of 2021, 400,000 during 2022, and rising to one million in 2024.
The company, which has a growing customer base in Kent, East Sussex and Berkshire, has just launched in East Anglia where its network will start going live this autumn.
Categorised as ultrafast and up to 13 times quicker than the UK average, Trooli’s service takes a full fibre connection directly into a customer’s property with guaranteed speeds of 300, 500 or 900Mbps, depending on the product chosen.
Ashley Atkins, CFO of the Kent-headquartered company, said: “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.”
Trooli has enjoyed robust growth over the course of the pandemic and now employs more than 170 staff – up more than 126% over the past year.
Trooli’s rapid expansion to date has been backed by Connecting Europe Broadband Fund (CEBF) and a UK national bank.
Izzet Guney, Managing Director, Cube Infrastructure Managers (Cube IM), which manages CEBF, said: “Trooli has established an impressive track record over the past three years and is clearly a company that is growing at a very rapid pace.
“It is supplying vital 21st century communications infrastructure that has the potential to benefit millions of homes and businesses, especially given ongoing technological advancements.
“On behalf of the investment team composed of Simon Rozas, Laurentiu Prodan and Constantin Jamar, and the wider Cube team, we wish Trooli success and are ready to continue supporting it on its future journey.”