Hyperoptic raises £250 million of debt funding to boost full fibre expansion plans
Hyperoptic is set to embark on a big recruitment drive now that it has completed a debt raise to the tune of £250 million. The firm is planning to recruit at least 400 more employees by the end of this year and a further 1,000 by the end of 2019, the scale of the expansion is clear when you learn that the number of employees is currently 600.
The £250 million of debt has been raised with the aim of reaching two million premises with their Gigabit broadband service by 2022 and then continuing to reach five million by 2025.
Such large financial backing from prestigious investors is testament to the strength of Hyperoptic’s business model and proven track record for delivery. All our teams are forging ahead with one rally cry: Let’s Gigabit Britain.CEO of Hyperoptic, Dana Tobak
We have continually been impressed with the quality, scope and pace of Hyperoptic’s network, and are proud to partner with the UK’s leader in delivering gigabit speed to every urban centre.Jean-Philippe Rouane from BNP Paribas and Jeroen Kleinjan from ING in a joint statement
The map above was updated on Thursday evening and shows London which has the greatest concentration of Hyperoptic coverage in apartments currently and with a number of agreements with London Boroughs is going to see more expansion. The expansion to two million and the subsequent five million premises will not just be in London as the list of aggreements signed with local authorities shows.
- Ashford Borough Council
- Brent Council
- City of London
- Hammersmith & Fulham Council
- Newcastle Council
- Nottingham City Council
- Salford City Council
- Southampton Council
- Southwark Council
- Thurrock Council
- Tower Hamlets Council
- Milton Keynes Council
The level of full fibre coverage in the UK is running at 3.86% currently but once you add the Virgin Media FTTP/RFOG footprint will be over 4% and for those keeping a simple table of the figures from all the different providers the individual amounts will exceed 4% but particularly on new build premises it is not uncommon to have two full fibre infrastructure options.
Pushing the Hyperoptic footprint from under half a million to five million is a big task but this sort of ambition is needed if the UK is to reach over 15 million premises with full fibre in 2025. The Hyperoptic recipe is one that has been repeated across many European cities before and is often why countries with younger housing stock and a higher proportion of apartment living are doing so well in the full fibre league tables.