(Alliance News) - Bigblu Broadband PLC on Tuesday said its subsidiary QCL Holdings Ltd has secured GBP12 million of new equity and debt funding to support the build-out of its fibre-backed fixed wireless network business across the UK.
The broadband services provider said the funding will allow QCL Holdings' unit Quickline Communications Ltd to "significantly" increase the size and scale of its fixed wireless access business to target a customer base of 30,000 subscribers over the next three years, with an increase in revenue and earnings before interest, taxes, depreciation, and amortization.
Bigblu said it expects to benefit from QCL's increased valuation, revenue and profitability as the accelerated growth strategy is implemented.
"Since we acquired Quickline, its performance has exceeded our ambitious expectations. It has also been at the forefront of broadband technology developments to deliver fixed wireless services, with fibre like performance, without the high cost and lengthy timescales associated with full fibre roll-out," said Bigblu Chief Executive Andrew Walwyn.
Separately, Bigblu said it has secured an extension to its main revolving credit facility with HSBC for an additional GBP1.8 million to support further investment and continued growth in its core markets.
Bigblu shares were trading 3.1% higher on Tuesday in London at 116.50 pence each.
Bigblu Broadb. (BBB)