- Type of finance
- Business need
Growing a business
“The funding from the Development Bank of Wales has been the catalyst for all that we’ve achieved. We’d completed our proof-of-concept, and we believed in our own potential - we just needed others to believe it too. The Development Bank of Wales helped make that happen - arming us with the ability to move forward and gain a large investment ourselves. We’re now on the right track to becoming Wales’ biggest and best homegrown broadband service provider.”
A £350,000 investment in Spectrum enabled the Cardiff-based broadband service provider to secure the backing of Infracapital, the infrastructure investment arm of M&G and one of Europe's largest infrastructure investors.
Spectrum has now repaid the Development Bank of Wales and will continue to push forward with its job-creating plan to build full fibre broadband infrastructure across South Wales; bringing fibre-to-the-premises services directly to at least 150,000 Welsh homes and businesses as part of the initial build.
Towns and villages in Monmouthshire, the Vale of Glamorgan and Pembrokeshire are expected to be the first to benefit, with plans to reach other communities across South Wales within three to five years.
Spectrum will also expand its headquarters and operations staff in Wales to support the network buildout, plus its marketing, sales and customer support operations. 140 jobs are expected to be created.