Upp has today announced its bold plans to invest £1bn to deploy a full fibre network (FTTH) to 1 million premises by 2025 in eastern England, offering next level broadband to consumers and local businesses. The entirety of the equity financing for the multi-year business plan is already fully committed by LetterOne, the management team, and the Board of Directors.
Upp unveils full fibre network plans to stimulate local economies with £1bn investment
Upp has today announced its bold plans to invest £1bn to deploy a full fibre network (FTTH) to 1 million premises by 2025 in eastern England, offering next level broadband to consumers and local businesses. The entirety of the equity financing for the multi-year business plan is already fully committed by LetterOne, the management team, and the Board of Directors.
>Upp’s plans will boost the UK’s competitive position in the European digital market and create more than 600 new jobs in a sustainable way. Upp’s management team, which is drawn from leaders across the telecoms and technology industries, aims to level up market towns and coastal areas across Norfolk and Lincolnshire that are currently underserved.
Upp is using next-generation technology to power its multi-gigabit fibre network, supported by global suppliers including Nokia, Linksys, Fujikura and Salesforce.com. Supply chain partners have also been carefully selected based on their commitment to social, environmental and sustainability priorities. Upp’s ‘buy local’ principle is already helping regional businesses to invest and grow.
Having secured the necessary regulatory approvals, Upp is deploying its own regional fibre backhaul networks, capitalising on the growing demand for ultrafast broadband that meets the needs of an increasingly online world. Contractors are already building in towns across Norfolk and Lincolnshire. During the build phase, Upp will be extensively using Openreach’s ducts and poles as well as accessing assets from other infrastructure owners to accelerate deployment and minimise traffic disruption.
Upp and its suppliers are generating more than 600 permanent jobs as well as unlocking potential for the younger generation. Working closely with local colleges, we are creating a local academy to develop essential digital skills.
With substantial commitment from international investment firm LetterOne, Upp will contribute to bridging the digital divide by delivering on its promise to make competitively priced full fibre a reality for areas where broadband speeds are currently well below the national average.
Lord Davies of Abersoch, Chairman of LetterOne said “We are excited to partner with the Upp team to bring next level broadband to underserved regions of the UK. Every region of the UK has the potential to create breakthrough innovators, but no region can do this unless it is connected. We hope our substantial investment in connectivity will set Eastern England up to build back better for generations to come”.
Drew Ritchie, Upp’s Chief Executive Officer added “I am thrilled to lead such a talented, dedicated and experienced team. We are excited to partner with an investor who matches our passion and ambition for the opportunity and shares our commitment to developing the UK’s digital infrastructure. I’m delighted to say that LetterOne has more than met these criteria, backing the business with substantial funding that allows us to concentrate on delivering next level broadband to the communities that need it most.”
Member of Parliament for South West Norfolk and Secretary of State for International Trade Liz Truss commented “The past year has demonstrated just how vital good broadband is and I know the rollout of full-fibre to the home will be welcomed by local communities. The eastern region is home to a diverse portfolio of businesses from high tech farming to advanced manufacturing. More and more people are relocating to this area of the country, whether this is a lifestyle choice or employment opportunity, and the £1 billion investment and hundreds of jobs by Upp is great news.’’
About Upp
Founded by four British entrepreneurs, Upp’s leadership team brings more than 160 years’ of industry expertise from BT, Orange, Ericsson, KCOM and Gigaclear. The team includes industry veterans as independent directors and advisers: Robert Easton (former Partner of Carlyle) as the Chairman of Upp, Peter Kamphuis (founder of Deutsche Glasfaser and Reggefiber) focused on technology and network build, Pippa Dunn (former CMO of EE and Orange UK) focused on branding and marketing, and founding investor Jason Goodall (Global CEO and board member of NTT Ltd, and member of the UK Investment Council).
Upp’s website: https://www.upp.com/
About LetterOne
LetterOne is an international investment business driven by entrepreneurs. Its mission is to make long term investments that deliver on society’s changing needs. Whether by innovating in healthcare, telecoms, technology, retail or energy, it believes an enterprising mindset backed by patient capital will deliver sustainable benefit to communities. LetterOne is committed to the United Kingdom, with other UK based investments including Holland & Barrett. LetterOne is chaired by Lord Davies of Abersoch (Former CEO of Standard Chartered and Former UK Minister for Trade, Investment and Small Business and Infrastructure).
LetterOne’s website: https://www.letterone.com/
If you are interested in more information about this topic, please contact Drew Ritchie on 0204 556 9433 or by emailing PR@upp.com