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The company claims the investment will allow them to build more than any other fibre network provider in the UK this year besides Openreach
UK-based wholesale fibre operator nexfibre has announced that it will invest £1 billion in its network over the 2024 financial year.
nexfibre was formed in 2022 as a £4.5 billion joint venture between InfraVia Capital Partners, Liberty Global and Telefonica. The company aims to build a Fibre-to-the-Premises (FTTP) broadband networks that will cover up to 7 million homes across the UK that are not already served by Virgin Media’s network.
As of the end of last year, the company had currently expanded its FTTP network to around 830,000 premises, saying they would pass 1 million premises in spring 2024.
Now, with confirmation of a £1 billion investment this year, nexfibre says it will aim to increase this total by an additional 1 million premises in the coming financial year.
“Our focus is on addressing the historical lack of investment that has left the UK lagging behind its European counterparts, and providing a platform for progress and innovation to deliver lasting value to the communities we serve, and the wider economy,” said nexfibre CEO Rajib Datta in a company press release.
“The £1 billion we are investing this year will be a major boost to the UK’s digital infrastructure. Backed by our world-class investors, we are bringing much-needed sustainable competition and next generation connectivity to the UK,” he continued.
nexfibre’s September 2023 build report highlighted that the company aims to have 5 million houses covered by the end of 2026, which will be capable of accessing speeds of up to 10Gbps. The report also shows a full, countrywide upcoming rollout plan.
Beyond their increased investment, nexfibre has also recently been in the news for hitting out at the UK incumbent BT, arguing that its monopolistic position and lack of investment in the UK market has resulted in the UK lagging behind other European countries.
According to Datta, speaking to the Daily Telegraph, BT behaves like a “typical monopoly”, and has only begun to invest in its core infrastructure when serious competitors arose.
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