GoFibre

£45m debt facility for Edinburgh-based broadband company, GoFibre. Funding will support its delivery of two Project Gigabit contracts in the south and north east of Scotland, covering the Borders, East Lothian, Angus, Aberdeenshire and the Moray coast.

See our news release here.

About GoFibre

GoFibre is an independent Scottish broadband provider, focused on expanding digital connectivity in underserved rural areas. It contributes to regional economic development by using local supply chains and recruiting talent within the communities it’s connecting.

Backed by Gresham House’s British Sustainable Infrastructure Funds, GoFibre was recently awarded a £105m contract by the Scottish Government, for the delivery of the UK government-funded Project Gigabit in the north east of Scotland.

The Project Gigabit programme enables hard-to-reach communities to access fast, reliable gigabit-capable broadband. The Scottish Government is playing a key role in delivering project procurements in Scotland, working closely with the UK government to deploy funding.

Why we invested

Our investment in GoFibre aligns with the Bank's Place mission, to transform communities, making them places where everyone thrives

While connectivity has improved in recent years, Scotland’s urban-rural divide remains extensive, with Ofcom figures showing that just 44% of rural communities have full-fibre coverage, compared to 71% of urban communities.

The Bank is an impact investor, meaning its investments are aimed at delivering both commercial returns and societal benefit. This debt investment further supports digital broadband rollout across Scotland and is aligned to the Bank’s mission to transform places and support those living within them to thrive.

“GoFibre is a great example of a Scottish scale-up that is targeting growth through delivering tangible local impact. We live in an increasingly digital world where high-speed, reliable internet is essential for accessing services and building and maintaining connections. It’s a critical service for businesses and communities. This continues to be an important sector for us, so we’re delighted to support GoFibre as it delivers important connectivity to the north east of Scotland.”

Ailsa Young

Investment Director

Key Information

Key Mission

Improving Places

Amount Invested

£45m

Location

Edinburgh

Co-investors

£80m from Hamburg Commercial Bank

Key Quote

Neil Conaghan, CEO of GoFibre: “This is a significant step-change in GoFibre’s position both as a major independent broadband provider, and as a significant company in Scotland.

“Our appointment as the supplier for the biggest Project Gigabit delivery area in Scotland, in the north east, builds on our win earlier this year for the very first Scottish lot to be announced, for the Borders and East Lothian.

“We are excited to play a crucial role in bringing the very best full fibre broadband connectivity to rural areas in Scotland, as part of our mission to bridge the digital divide.

“We are grateful for the support of The Scottish National Investment Bank, HCOB and Gresham House as we continue to build and grow GoFibre.”

GoFibre