NatWest has announced a £100 million term loan guaranteed by UK Infrastructure Bank (UKIB), and a £25 million term loan to support Quickline Communication’s large-scale broadband expansion in Yorkshire and Lincolnshire. This is alongside a £125 million term loan from UKIB.
The financing from NatWest and UKIB is aligned with Quickline’s target of passing more than 500,000 rural premises in the area.
Andrew Blincoe, MD of Corporate Banking & Structured Finance, NatWest commented:
“We are delighted to have partnered with UKIB to support Quickline on this innovative transaction that will bring full fibre broadband to rural customers across Yorkshire and Lincolnshire."
“Investing in new infrastructure is key to the UK’s economic growth and, as the UK’s leading infrastructure bank, we will continue to support in this drive. Bringing this transaction to life and enhancing connectivity to over 360,000 premises is a great example of how we are doing just that.”
Yorkshire-based broadband provider Quickline has secured four contracts under the UK government’s Project Gigabit programme, which, on completion, will connect almost 170,000 homes and businesses to full-fibre broadband in hard-to-reach rural areas across Yorkshire and Lincolnshire. As a result of the investment, Quickline will also expand their commercial network to a further 190,000 in these rural communities.
Through Project Gigabit, the government is rolling out lightning-fast, reliable broadband across the UK, with a renewed push to achieve full gigabit coverage by 2030.
Ian Brown, Head of Banking & Investments at UK Infrastructure Bank, said:
“We are pleased to support Quickline with their continued network expansion to bring better connectivity to homes and businesses across Yorkshire and Lincolnshire. Our guarantee product is perfectly placed to unlock additional investment into the market to improve digital infrastructure in harder to reach areas of the UK.”
Sean Royce CEO at Quickline, said:
“This financial backing marks a significant endorsement of Quickline’s robust business model, our mission to connect the unconnected and to help regenerate our northern rural communities. Furthermore, it demonstrates UKIB’s confidence in our strategic vision and operational capabilities. It also reflects a broader investor interest in tackling the digital divide that exists today and supporting sustainable and impactful business initiatives."
“Quickline has a proven track record in delivering fast and reliable broadband to underserved, rural communities which clearly resonated with UKIB, further solidifying our position as a leader in the industry."
“This partnership will support our deployment of vital connectivity infrastructure, bringing essential digital services to even more rural communities in dire need of improved broadband and kickstart economic growth across rural Yorkshire and Lincolnshire.”
Paul Howard, Quickline’s Chair said:
“We are delighted with UKIB and Natwest’s commitment to Quickline which combines with the support we have enjoyed from Northleaf Capital Partners since they acquired a majority stake in the business in 2021. Together, this capital funds the four Project Gigabit contracts we have secured across Yorkshire and Lincolnshire."
“I would like to thank Northleaf Capital Partners for their ongoing commitment to Quickline, together with UKIB and Natwest for joining us on our journey. This support is a testament to the progress made by Quickline’s management team and all of our colleagues, who together are dedicated to improving connectivity in the most hard-to-reach communities across Yorkshire and Lincolnshire.”
