Virgin Media Invest £3bn in UK broadband
Virgin Media has announced it is investing £3 billion in expanding its fibre optic broadband network and expand its reach from 13 million to 17 million homes. The company described the move as the biggest investment in the UK’s broadband infrastructure for more than a decade. The project will run over the next five years, bringing speeds of 152Mbps to four million more UK homes.
Virgin Media CEO Tom Mockridge added: “Our next-generation fibre-rich networks reach 50 million households across Europe, enabling our customers to discover and experience the endless possibilities of the digital world.”
He went on to say “I think an investment of this size is unambiguously helping to close the digital divide. Everything can’t happen at once so we are really focusing on the areas where we can bring ultra fast broadband as quickly as possible and as effectively as possible.”
“Our next-generation fibre-rich networks reach 50 million households across Europe, enabling our customers to discover and experience the endless possibilities of the digital world.”
The investment comes at Virgin Media announced a 2.3% increase in total revenues to £4.214bn for the year to the end of December compared with a year earlier. Virgin said the increase in revenue was largely the result of increased cable subscription revenue, which grew 3% last year.
The firm said that the investment would create up to 6,000 new jobs, with 1,000 of those being apprenticeships, as it looks to increase its fibre optic broadband reach to 17 million homes by 2020, up from 13 million. The company is already in the process of expanding its network to 110,000 homes across east London, Glasgow, Sunderland and Teesside.
Virgin Media said the additional £3bn in broadband investment would be worth £8bn in terms of stimulating UK economic activity. However, the money will be spent on filling in gaps in its existing network rather than widening the network to rural areas, which critics say has long been neglected by communications companies such as Virgin and BT.
The £3bn investment of Virgin Media’s network upgrade welcomes the Connection Voucher scheme with open arms in the local cities of Sunderland and Teeside. The recent news that the government is extending the voucher scheme until March 2016 allows more companies to upgrade their broadband to superfast speeds. The extension also includes new cities like Sunderland and Teeside.
If you’re a SME that has broadband installation costs over £100 and you’re willing to sign up to a minimum of a 6 month contract with the broadband supplier then we can help. Rymote are proud to be in a position to offer this to our customers, we will provide all the assistance needed to make your business broadband superfast!
You can either fill in the form below or visit our Connection Vouchers page to find out more Information.
Hurry, Connection Vouchers are available for a limited time only, so start applying today.