Leeds-based UK Infrastructure Bank (UKIB) has announced a £125 million term loan and £100 million debt guarantee, alongside a £25 million term loan provided by Natwest, to support Hull-based Quickline Communication’s large-scale broadband expansion in Yorkshire and Lincolnshire.
The term loans and guarantee form a £250 million debt package aligned with Quickline’s target of passing more than 500,000 rural premises across Yorkshire and Lincolnshire.
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 its commercial network to a further 190,000 in these rural communities.
Through Project Gigabit, the UK government is rolling out lightning-fast, reliable broadband across the UK, with a renewed push to achieve full gigabit coverage by 2030.
UKIB is providing a £100 million guarantee of a term loan funded by NatWest.
“The Bank’s financing unlocks additional private investment to support Quickline’s delivery of its Project Gigabit contracts, improving digital infrastructure in harder to reach areas of the UK, in line with the Bank’s digital strategy and overarching mission to drive regional and local economic growth,” said UK Infrastructure Bank.
“Quickline has also committed to an extensive social values programme to boost the region by generating jobs and providing training, including creating apprenticeships and accredited training courses.”
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.”
Quickline CEO Sean Royce 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.”
Quickline chair Paul Howard 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.”