BigBlu Broadband secures £30m from Santander
BigBlu Broadband plc (“BBB PLC”), the Oxfordshire-based AIM-listed satellite broadband provider, has secured £30m in new funding from Santander Corporate & Commercial to refinance existing debt and convertible loan notes. The new revolving credit facility will also provide headroom for future organic and acquisition-led growth.
Led by co-founders CEO Andrew Walwyn and CTO Simon Clifton, alongside CFO Frank Waters, BBB PLC is the largest provider of satellite broadband services outside of North America and the fourth largest in the world. BBB markets and delivers fast broadband services (via a variety of technologies) to homes and businesses mainly located in areas of poor or underserved telecoms infrastructure that are not served by fibre broadband, serving 113k customers in 30 countries. The Company’s public target is to reach 150k customers by 2020 via organic growth and mergers and acquisitions.
In its 2019 interim results, BBB plc posted a 21.9% increase in year-on-year revenues to £30.5m, with adjusted earnings before interest, tax, depreciation and amortisation up 56.4% to £4.3m.
Andrew Walwyn, CEO of BBB plc, said: “I am delighted an institution such as Santander has recognised the progress BBB has made. Being able to secure new funding immediately following a successful FY19 financial year positions us for continuing our ambitious growth plans in FY20 and shows how robust the business model we are building has already become.”
Sean Longsdale, managing director structured finance group, Santander Corporate & Commercial, said: “BBB PLC has an excellent track record and is well-placed to benefit from continued improvements in satellite and fixed wireless technology. We are delighted that Santander was chosen as a banking partner and to be supporting such a high growth international business, to realise their continued ambitions.”
