In a significant financial move, UK alternative network provider Community Fibre has amassed £125 million from a consortium of lenders, including JP Morgan, Alpha Bank, Barclays, Landesbank Baden-Württemberg (LBBW), and Sequoia. The infusion, according to the company, will support the enhancement and expansion of their fiber services network.
Graeme Oxby, CEO of Community Fibre, expressed the organization’s aim to deliver value and superior customer experience. “Our success here, growing from just 10k customers at the start of 2020 to over 310k in less than 5 years, has driven a strong lender appetite,” he noted, highlighting their ambitious growth trajectory.
Broadening network coverage remains on Community Fibre’s agenda as they aim to connect more customers within their existing areas. By securing a substantial sum of £1.1 billion since 2013, the company has positioned itself as a strong contender in the broadband space. Chairman Olaf Swantee emphasized, “The lenders and our shareholders share the view that Community Fibre’s momentum will further strengthen its position.” Swantee also recognized the robust management team and their expanding network in London.
Despite these advances, the company confronted challenges. In 2023, Community Fibre paused its network expansion. This decision resulted in job cuts and a strategic shift toward intensifying marketing and sales efforts. Their 2023 financial reports reflect this deceleration, with residential premises passing at 1.3 million.
This funding round underlines the strategic shift from rapid expansion to a more targeted market approach. By focusing on customer experience and strategic positioning, Community Fibre is determined to strengthen its presence in London. With their ambitious targets, they aim to reach 2.2 million premises with their FTTP rollout by the end of 2024.
