19 November 2020
Spectrum, the Cardiff-based broadband service provider, has secured a landmark investment from Infracapital, the infrastructure investment arm of M&G Plc and one of Europe’s leading infrastructure investors.
The deal provides cornerstone funding and enables Spectrum to push forward with its ambitious plan to build full fibre broadband infrastructure across south Wales, transforming the digital landscape for underserved communities within the region.
The investment will allow Spectrum to bring fibre-to-the-premises services - which are faster, more reliable, and greener than traditional wired broadband networks - directly to at least 150,000 Welsh homes and businesses as part of the initial build. Towns and villages in Monmouthshire, the Vale of Glamorgan and Pembrokeshire are expected to be the first to benefit, with plans to reach other communities across south Wales within three to five years.
Spectrum will expand its headquarters and operations staff in Wales to support the network buildout, plus its marketing, sales and customer support operations. The company will create more than 140 jobs directly with many more roles supported through its contractors and supply chain across the region.
“As an established ISP, with a proven track record of providing resilient connectivity to leading Welsh businesses, this investment means we can help to support Wales’ digital growth and transformation over the coming years," Spectrum founder Giles Phelps told Networking+."Our initial strategy is to bring FTTP to 150,000 premises across south Wales, providing businesses with FTTP and other connectivity solutions to provide them with speeds 15-40 times faster than their existing 'Superfast' service - and capable of up to 10 Gigabit/s from the outset. Our initial plan will specifically set out to target all businesses, from micro to large and flagship Welsh companies - many of which are based in underserved areas in Pembrokeshire to Monmouthshire."
As remote and home working becomes a new normal for many enterprises and organisations in Wales and indeed the UK as a whole, full fibre broadband has a critical role to play in supporting jobs, rebalancing access to opportunity and building a more sustainable, resilient economy.