Truespeed secures £100 million investment

Bath-based Truespeed has secured a £100 million investment from Aviva Investors to accelerate the roll-out of its full fibre network across Southwest England.

This investment follows an initial £75 million investment made by Aviva Investors in 2017.

James Lowther, CEO, Truespeed (pictured), said, “We are delighted that our continuing relationship with Aviva Investors has provided this next tranche of investment. This will allow us to significantly accelerate our roll-out, enabling us to connect more customers to our ultrafast, ultra-reliable full fibre service.”

Lowther credited his predecessor, Evan Wienburg, and the wider Truespeed team for getting the company to this stage of the network rollout. He added, “We are now an established and fast-growing employer in the region with a reputation for excellent staff training and personal development. It is a privilege to lead the business as we embark on our next phase of growth.”

In the past year, Truespeed has doubled the size of its network to bring full fibre connectivity to under-served areas of Somerset. As well as expanding its footprint in hard-to-reach rural areas, the firm has extended its build to the heritage cities of Bath and Wells. And in December 2021 the firm announced the start of its network build in Glastonbury, Shepton Mallet and Street.

Local businesses including Yeo Valley and Thatchers Cider rely on Truespeed for full fibre services. The firm’s core ethos extends to providing free broadband to local primary schools and community hubs passed by its network.

Sean McLachlan, senior director, infrastructure, at Aviva Investors, added, “Since our initial investment in 2017, Truespeed has continued to successfully deliver essential gigabit-capable broadband infrastructure to under-served locations across the South West of the UK.

“This second tranche of funding reflects our belief that the company and its activities not only represent a sound investment, but also create significant social benefits for local communities across the country. We look forward to continuing to support Truespeed and furthering the roll-out of its network build and award-winning service.”