News Column

Broadband boost Firm supplying students secures Pounds 28m to grow ; Telecoms

August 6, 2014

Gavin Thompson; Gavin Thompson Assistant Editor (Business) gavin.thompson@b- nm.co.uk

ABUSINESS specialising in broadband for students is planning to grow after securing a Pounds 28 million finance package. The student accommodation market is booming in Bristol and in other UK cities, and modern students expect more than just the grotty digs of The Young Ones' days. As well as en-suite rooms, they all expect fast broadband for their studies, and leisure.

All of which means Clevedon-based CableCom is well placed to capitalise. The firm specialises in delivering internet services to high-density accommodation, such as student flats and social housing schemes.

It already delivers broadband, TV, telephony and other internet services to more than 250,000 residents across hundreds of sites throughout the UK and Europe.

Now the firm has agreed a refinancing deal with its bank RBS alongside HSBC worth Pounds 28 million to support its investment and growth.

The company was founded back in 1993 by former electrician Chris Elliott.

In 2007 he sold out to a management buyout led by current managing director Mark Burchfield, pictured. Last year it underwent another management buyout, backed by private equity firm Inflexion.

CableCom finance director Lee Colliss said: "We are excited about the next stage in CableCom's growth with the backing of Inflexion, an experienced sponsor in this space, and the continuing funding support of RBS."

Gareth Healy, investment director at Inflexion, said: "CableCom is an excellent business, led by a high quality, ambitious management team.

"The company has grown strongly from a core strength in technology, it has great fundamentals and multiple routes to further growth."

He added the firm was delighted to have the support of the two banks, who had demonstrated a "deep understanding" of the business.

RBS director Nick Evans said the company had been a valued customer since it was founded. "We are delighted to continue to support CableCom's management team in the next phase of their development and enable them to invest for future growth," he said.


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Source: Bristol Evening Post (England)


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