Exclusive: InfraRed snaps up majority stake in Complete Technology Group to supercharge broadband roll out
Investment firm InfraRed Capital Partners has snapped up a majority stake in UK telecoms provider Complete Technology Group (CTG) and plans to inject up to £125m into broadband connectivity, the firm announced today.
CTG, which provides fibre optic connectivity to homes owned by housing associations and local authorities across the UK, will now expand its connectivity network to 700,000 new homes in areas traditionally underserved by established broadband providers.
Stephane Kofman, director of infrastructure at InfraRed, said that the investment would play an important role in driving economic and digital inclusion in the country.
“High quality fibre optic infrastructure has a key role to play in accelerating digital inclusion,” he said.
“InfraRed’s partnership with CTG will facilitate the creation of a high-quality fibre optic network, delivering
connections to underserved communities and giving more people access to reliable broadband than
ever before, while raising safety standards during the installation process.”
CTG also now plans to bolster its workforce with over 100 new hires following the investment, as well as channelling funds into strengthening its supply chain, bosses told City A.M.
Eddie Minshull, CEO of CTG, said: “Broadband providers will be able to access homes more easily and scale up their operations, and residents will get a greater choice of provider and less disruption. It’s a win-win-win all round.”
CTG describes itself as working to “fight digital poverty” and has championed a major major re-evaluation of fire safety procedures in “multi-dwellings” in the wake of the Grenfell disaster.
The firm says it employs installation methods which minimise fire and safety risks to buildings.