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Hampshire-based alternative network toob, which has built their own gigabit speed full fibre broadband network in South England and also harnesses CityFibre’s network in other UK areas, has today announced a “successful follow-on investment” into the company by Ares Infrastructure Debt strategy. But the exact financial details of the deal have not been disclosed.
Just to recap. Last month we reported that one of toob’s main backers, the Guernsey-based International Public Partnerships (INPP), had “elected not to commit further capital” to the provider and handed most of its original £24.1m investment off to debt holders. The provider had in the past secured up to £395m of funding (equity and debt) from the Amber Infrastructure Group, INPP and others like Ares.
The decision meant that control of toob was effectively passed to Ares, which was acting as toob’s primary credit partner and debt financier. The new follow-on investment being announced today by Ares will, we’re told, see toob “continue to execute its growth strategy from a stronger financial position as it seeks to generate long-term, sustainable value creation while maintaining exceptional service for its customers.”