toob announce £300m of available funding

toob broadband have announced £160m of funding to support their continued expansion across the South of England. The funding can be increased to £300m if future growth opportunities support this. toob say they currently have 20,000 customers on their network, which covers approximately 140,000 premises, and are looking to use this new funding to expand this to around 120,000 customers across a network coverage of 300,000 premises.

We track toob as having around 67,000 premises on-net coverage, which increases to around 124,000 when you include their deal with CityFibre for access to their network in Portsmouth.

“We are delighted to have the financial support of James and the team at Ares. This complements the backing we have enjoyed from Amber Infrastructure since late 2018. toob has always focused on delivering for our customers through a simple and compelling broadband proposition.

This investment gives us the capital to extend our network to over 300k premises, and most importantly, it secures the business through to profitability as a platform for growth. With this commitment from Ares and Amber, we can develop toob, either through further network build or M&A activity. We are very pleased that the business and our team have an exciting future ahead of us as we deliver for more communities across the South of England.”

Nick Parbutt, CEO toob