NatWest and UK Infrastructure Bank Partner with Quickline to Enhance Rural Broadband in Northern England

NatWest and UK Infrastructure Bank Partner with Quickline to Enhance Rural Broadband in Northern England

(IN BRIEF) NatWest and the UK Infrastructure Bank have committed significant financial support to Quickline Communications to enhance broadband connectivity in rural areas of Yorkshire and Lincolnshire. This initiative, part of the UK government’s Project Gigabit, aims to provide full-fibre broadband to over 500,000 rural premises, fostering economic growth and bridging the digital divide in these regions.

(PRESS RELEASE) LONDON, 8-AUG-2024 — /EuropaWire/ — NatWest and the UK Infrastructure Bank (UKIB) have joined forces to support Quickline Communications in a major initiative to expand broadband connectivity in rural areas of Yorkshire and Lincolnshire. The financial backing includes a £100 million term loan from NatWest, guaranteed by UKIB, and an additional £25 million term loan from NatWest, alongside a £125 million term loan from UKIB.

Boosting Rural Connectivity

This substantial investment aligns with Quickline’s goal of providing broadband access to more than 500,000 rural premises in the region. Quickline has already secured four contracts under the UK government’s Project Gigabit, aiming to connect almost 170,000 homes and businesses with full-fibre broadband in hard-to-reach rural areas. The company will also extend its commercial network to an additional 190,000 premises in these communities.

Strategic Comments

Andrew Blincoe, MD of Corporate Banking & Structured Finance at NatWest, expressed enthusiasm for the partnership: “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 this drive. Enhancing connectivity to over 360,000 premises is a great example of how we are doing just that.”

Ian Brown, Head of Banking & Investments at UK Infrastructure Bank, highlighted the significance of the initiative: “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’s Commitment and Vision

Sean Royce, CEO of Quickline, underscored the importance of the financial backing: “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. 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 kickstarting economic growth across rural Yorkshire and Lincolnshire.”

Paul Howard, Chair of Quickline, expressed gratitude for the continued support: “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. 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.”

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SOURCE: NatWest Group