Gigaclear, the fibre to the home leader, who M&G Investment Management fund bought out for £270 million (all cash) in March 2018, is suffering delays with multiple BDUK projects. Already backed by Infracapital (43.2% shareholding), plans to cover 350k houses by 2020.
On June 11th, Founding director, Matthew Hare is awarded a OBE for For services to Broadband Provision in the UK’. Before resigning from gigaclear on June 22nd. Up until this point, all was look good, with progress being made on multiple projects and some key milestones being achieved, such as crossing the clifton suspension bridge in Bristol.
However its been announced that two projects in Northamptonshire and Devon & Somerset are delayed by up to a year, if not more. This is being blamed on the shortage of skilled engineers and issues with civil engineer contractors. It’s unsure at this time what the implications for missing BDUK deadlines are or how much funding will will clawed back.