Here at Grain, we have secured additional funding through a £110million bank facility, with an initial tranche of £40million from Nord L/B. German Landesbank Nord/LB, is one of the leading commercial banks investing in social and digital infrastructure, as well as renewable energy projects, supporting the transition to a just and climate neutral economy. Nord/LB is represented globally with teams in London, New York, Singapore, and northern Germany, providing a range of financial services to institutional and corporate clients.
To complement Nord/LB’s debt financing, £21million of additional equity is being invested by existing shareholders, Equitix, Albion Capital and Pinnacle Group. Equitix is a leading investor, developer and long-term fund manager of core infrastructure and renewable energy assets in the UK and Europe. Albion Capital is a leading independent investment manager with a long-term record of backing change and growth. Pinnacle Group is our founding shareholder and has retained a significant proportion of its interest in the company.
The funding is on top of the £90million we previously raised and brings the total capital to invest in the business to over £200million.
We’ve grown considerably in the past 12 months and are providing households across the country with their own dedicated Full Fibre access. As well as bringing excellent fibre internet access to customers, our growth will generate substantial employment in both Carlisle and the rest of the country.
Our Chief Financial Officer, Roland Barzegar, said: “This further investment in Grain will see us accelerate the rollout already underway across the country. We have proven that our model of providing fast, reliable and great value broadband is working, and customers are happy that they have more choice outside of the national broadband providers.