UK alternative network provider brsk has successfully secured an additional £156m debt investment from funds managed by Ares Management Corporation’s Infrastructure Debt strategy.
This funding has been upsized from an initial £103m commitment and now totals £259m. It will support the company’s growth and enable its full-fibre-to-the-premises (FTTP) broadband network to reach the million-homes mark by 2026.
Brsk was founded by Giorgio Iovino and Ian Kock in 2020, both founding members of Vumatel, a key fibre network in South Africa. The provider rapidly expanded its network from West Yorkshire in 2021 to today, as it reaches into Manchester, the West Midlands and Lancashire, with approximately 250,000 ready for service homes and with 14,000 customer connections.
Says Iovino, co-founder of Brsk comments: “With support from Ares, our network has grown almost fivefold, we couldn’t be happier working with like-minded financing partners to make it possible. Securing this funding is a significant milestone in clearing the runway for us to take full fibre broadband to 1 million homes.”
James Fox, Managing Director, Infrastructure Debt at Ares adds: “We are delighted by the opportunity to continue to transact with Brsk and support them on their next phase of growth. We have been pleased with the delivery of their plan since our initial investment and look forward to working with Giorgio and the team as they look to realise their goal of delivering fibre broadband to 1 million homes.”
