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Hyperoptic

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Hyperoptic Limited
Company typePrivate
IndustryTelecommunication
FoundedApril 6, 2011; 13 years ago (2011-04-06)
FoundersMatthew Benger
HeadquartersLondon, England, UK
Area served
United Kingdom
Key people
  • Dana Tobak
  • (CEO & co-founder)
ProductsInternet Services
RevenueIncrease £78.7 million (2022)[1]
Increase £62.3 million (2022)[1]
Decrease £(7.5) million (2022)[1]
Total assetsIncrease £527.8 million (2022)[1]
OwnerKKR[2]
Number of employees
Increase 1,865 (2022)[1]
Websitehyperoptic.com

Hyperoptic Limited is a British telecommunications company that provides digital telephone and internet services. Founded in April 2011, it is headquartered at Kings House, London.

Hyperoptic owns and operates its own Fibre to the Premises (FTTP) network in the United Kingdom. As of July 2024, it had passed 1.7 million premises and had 340,000 connected customers.[3]


History

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Hyperoptic was incorporated with Companies House in the United Kingdom as bcube Limited on 13 April 2010 by Dana Tobak, becoming known as Hyperoptic Limited on 6 April 2011.[4] Boris Ivanovic joined Tobak as co-founder and chairman of Hyperoptic,[5][6] with the pair having previously founded Be Broadband together in 2005, a business they later sold to O2 in June 2006 for £50 million.[7]

Hyperoptic was launched in response to market demand for gigabit enabled consumer broadband, with the UK average at the time of inception being just 7Mbps – ranking the UK in 25th place for global broadband speeds.[6] It launched on 14 September 2011,[8][9] rolling out its own full fibre network to large complexes of flats in London, with plans to reach one million homes by extending its services to large UK cities and towns by the end of 2017.[6] The company was unsuccessful in reaching its target of one million premises, having only reached half a million premises by the end of 2018.[10] It ultimately reached the one million milestone in November 2022.[1]

By March 2013, Hyperoptic had installed its fibre optic network in 20,000 homes in London.[11] Two months later, in May, the company received an equity investment commitment of £50 million led by Quantum Strategic Partners, a private investment vehicle managed by Soros Fund Management.[12] Following this, it announced its intention to expand to Bristol, Cardiff and Reading.[13]

In August 2018, Hyperoptic announced it had raised £250 million in funding from eight banks to extend its full-fibre network to two million homes and businesses by 2022, with plans to cover 5 million premises by 2025.[14] In November 2018, Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, acquired a minority stake in Hyperoptic. At the time of the acquisition, the company's network covered 500,000 premises across 30 UK cities.[10]

On October 14, 2019, it was announced that investment firm KKR had bought a majority stake in Hyperoptic from funds managed by Newlight Partners LP and Mubadala Investment Company.[15]

By November 2022, Hyperoptic had finally hit its milestone of passing one million premises - five years later than it had intended.[1] Having only passed one million premises by the end of 2022, it pushed its target of reaching two million premises back to 2023, before again pushing it back to 2024.[16]

In June 2023, it was announced 6% of Hyperoptic's workforce were facing redundancy, following a shift in focus from rolling out its network to connecting customers.[17]

Hyperoptic was one of the top 5 fibre network companies in the UK by network size in March 2023,[18] covering 1.4 million homes and servicing 300,000 customers by the end of the year.[16][19][20]

In July 2024, a further £150m loan was secured from the UK Investment Bank (UKIB), bringing its debt facility to more than £1.1bn [21]

References

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  1. ^ a b c d e f g "Hyperoptic Limited Report and Financial Statements Year Ended 31 December 2022" (PDF). Hyperoptic. November 2023. Retrieved 13 February 2024.
  2. ^ "Hyperoptic Limited Report and Financial Statements Year Ended 31 December 2022" (PDF). Hyperoptic. November 2023. p. 38. Retrieved 13 February 2024.
  3. ^ https://www.telecomtv.com/content/access-evolution/hyperoptic-lands-another-150m-to-fuel-its-fibre-dream-50786/
  4. ^ "HYPEROPTIC LTD overview - GOV.UK". Companies House. Retrieved 13 February 2024.
  5. ^ "Q&A: Boris Ivanovic on Britain's Broadband Vision". The Guardian. 10 May 2012. ISSN 0261-3077. Retrieved 13 February 2024.
  6. ^ a b c "Hyperoptic – Small business, big idea". The Guardian. 1 June 2012. ISSN 0261-3077. Retrieved 13 February 2024.
  7. ^ "O2 buys broadband provider Be for £50m". The Guardian. 20 June 2006. ISSN 0261-3077. Retrieved 13 February 2024.
  8. ^ "Hyperoptic bring first 1 Gig residential product to UK". Hyperoptic. 14 September 2011. Retrieved 13 February 2024.
  9. ^ "Hyperoptic UK ISP Interview". www.ispreview.co.uk. 7 November 2011. Retrieved 13 February 2024.
  10. ^ a b "Abu Dhabi wealth fund takes stake in fibre group Hyperoptic". Financial Times. 7 November 2018. Retrieved 13 February 2024.
  11. ^ "Broadband start-up offers one gigabit per second". The Telegraph. 24 March 2013. Retrieved 13 February 2024.
  12. ^ "Soros leads £50 million funding round for UK FTTH service provider Hyperoptic". Lightwave. 23 May 2013. Retrieved 13 February 2024.
  13. ^ "What is Hyperoptic? Gigabit broadband for UK cities". Recombu. 23 May 2013.
  14. ^ "UK's Hyperoptic raises 250 million pounds to extend its 1GPs fibre network". Reuters. 3 August 2018. Retrieved 13 February 2024.
  15. ^ "KKR Acquires Majority Stake in Hyperoptic". KKR & Co. Inc. Retrieved 2019-10-22.
  16. ^ a b "ISP Hyperoptic Top 300,000 Customers on UK Full Fibre Network". ISPreview.co.uk. 5 October 2023. Retrieved 13 February 2024.
  17. ^ "BT rival Hyperoptic cuts more than 100 jobs in latest broadband lay-offs". The Telegraph. 16 June 2023. ISSN 0307-1235. Retrieved 13 February 2024.
  18. ^ "The Top 10 Full Fibre Alternative Networks by Estimated UK Coverage". ISPreview.co.uk. 13 March 2023. Retrieved 13 March 2023.
  19. ^ "Hyperoptic reaches 300,000 customers". Advanced Television. 5 October 2023. Retrieved 13 February 2024.
  20. ^ "Hyperoptic reaches customer milestone". ComputerWeekly.com. 6 October 2023. Retrieved 13 February 2024.
  21. ^ https://www.telecomtv.com/content/access-evolution/hyperoptic-lands-another-150m-to-fuel-its-fibre-dream-50786/
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