More than 75,000 homes and businesses in the rural and semi-rural South West are set to benefit from a major investment into ultrafast broadband in the region.
Bath-based provider TrueSpeed has received a £75m investment package from Aviva Investors, and will use the funding to provide full fibre infrastructure to homes and businesses across the region.
TrueSpeed is a demand-led business, meaning it builds into communities which register enough interest. It already provides high-speed services throughout the Chew Valley in north Somerset.
Unlike other providers, Truespeed provides full fibre-to-the-premises (FTTP), meaning the speeds and service level customers experience do not diminish over distance. So where other promised speeds are described as ‘up to,’ TrueSpeed’s speeds are guaranteed.
The new money from Aviva Investors means thousands of miles of fibre can be rolled out, providing gigabit speeds, compared to the current Somerset average of 8MB/s.
TrueSpeed CEO Evan Wienburg said: “This is brilliant news for the residents and businesses in our region. This significant investment will provide our customers with a real choice of infrastructure for the first time. I very much look forward to working with Aviva Investors delivering some of the fastest internet found anywhere in the world to the south west.”
The gigabit-capable infrastructure is fit for the growth in data use over time, with upgrades possible at the touch of a button.
Construction work for the fibre rollout has already begun. Residents across the Chew Valley already have some of the fastest internet speeds in the country thanks to the new infrastructure.
Aviva Investors’ head of infrastructure equity Ian Berry said: “This is another example of how we work to support the delivery of essential infrastructure in the UK, while also providing our institutional investor clients with access to long-dated income streams to help ensure the payment of pensions potentially decades into the future.”