Last checked at 5 Aug 2019 16:49
Bigblu Broadband plc
("BBB" or the "Company" or the "Group")
Funding for Quickline to accelerate growth
The Board of BBB is pleased to announce that it is in advanced stages of agreeing new funding for its subsidiary Quickline Communications Limited ("Quickline").
Quickline is a leading provider of fixed wireless broadband in the UK and has performed well since its acquisition by BBB in August 2017 increasing customer numbers from approximately 4,500 to 7,500 currently.
The funding for Quickline will include an equity raise at the Quickline subsidiary level via a private placement alongside a new debt facility to accelerate growth. Importantly, there will no equity fundraise at the BBB plc level.
As such, the funding will allow BBB to continue investing across the Group and maintain a robust balance sheet while also benefiting from Quickline's increased valuation, revenues and profitability as an accelerated growth strategy is implemented.
Further details will be announced in due course.
Contacts
Bigblu Broadband plc | www.bbb-plc.com |
Andrew Walwyn, Chief Executive Officer Simon Clifton, Chief Technology Officer Dominic Del Mar, Corporate Development | Via Walbrook PR |
Numis Securities (Nomad and broker) | Tel: +44 (0)20 7260 1000 |
Oliver Hardy (Corporate Advisory) | |
James Black (Corporate Broking) | |
Walbrook (Media and Investor Relations) | Tel: +44 (0)20 7933 8780 |
Paul Cornelius / Nick Rome | or bigblubroadband@walbrookpr.com |