UK network provider Brsk has secured £103 million of debt investment from a fund managed by Ares Management Corporation (Ares) Infrastructure Debt Strategy. The funding, which can be increased over time to £178 million to support future growth, will support the company's expansion of its full-fibre broadband network in targeted areas of the UK.
Brsk was founded in 2020 by Giorgio Iovino and Ian Kock, both founding members of Vumatel in South Africa. Backed by equity partner Advencap, they are a team experienced in large-scale fiber deployments. The provider started its network build-out in West Yorkshire, UK, and has expanded in four regions, covering a total of 70,000 premises passed within 18 months of launch. It is currently adding more than 10,000 sites per month and plans to double the build rate in the near future.
Giorgio Iovino, co-founder of Brsk, said, "We are excited to welcome Ares as our new funding partner. This financing comes at an important time as we continue to invest to increase the rate of build-out to expand our network and achieve our goal of passing 1 million premises. In the UK, people have long suffered from poor broadband. We will continue to upgrade areas that rely on outdated copper connections and deliver full fibre broadband with an outstanding customer experience.
James Fox, Managing Director of Infrastructure Debt at Ares, added: "We are impressed with the experience of the Brsk management team and share their passion for improving digital connectivity in the UK. We are proud to be working with Giorgio, Ian and the team to deliver gigabit broadband to communities in all regions.
