£1bn pledge to Upp broadband coverage in UK

The new company, which previously operated as FibreMe, has significant backing from Holland & Barrett owner LetterOne and has hired former executives of EE, NTT, Carlyle and Deutsche Glasfaserr to help support its rapid roll-out plans.

Upp’s CEO Drew Ritchie said: “I’m delighted to say that LetterOne has more than met these criteria, backing the business with substantial funding that allows us to concentrate on delivering next level broadband to the communities that need it most.

“I am thrilled to lead such a talented, dedicated and experienced team. We are excited to partner with an investor who not only matched our passion and ambition for the opportunity but is committed to developing the UK’s digital infrastructure.”

The company claims that it has already begun work making use of Openreach’s ducts and poles and will focus its roll-out on “underserved market towns and coastal areas in Norfolk and Lincolnshire”.

The UK government has recently announced plans to expand gigabyte-capable broadband across the country as part of the Queen’s Speech. Openreach has pledged to cover 25 million premises by 2026, while Virgin Media’s gigabit speeds will be available to more than 15 million properties by the end of the year.