Original article ISPreview UK:Read More
Hampshire-based alternative network toob, which has deployed their own gigabit speed full fibre (FTTP) broadband network across South England and also harnesses CityFibre’s network in other UK areas, has suffered a blow today after investor INPP “elected not to commit further capital” to the provider and handed most of its original £24.1m investment off to debt holders.
At present toob, which has in the past secured up to £395m of funding (equity and debt), is primarily backed by investment from the Amber Infrastructure Group and the Guernsey-based International Public Partnerships (INPP). In addition, Ares Management’s Infrastructure Debt strategy acts as toob’s primary credit partner and debt financier.
Toob’s most recent accounts currently go up to the end of December 2024, which saw them report an operating loss of £23.50m (2023: £19.48m), capex of £46.47m (2023: £38.68m), revenue of £14.03m (2023: £5.5m) and total liabilities of £299m (2023: £212m).