Toob enhances partnership with Ares

Toob, one of the UK’s fastest growing alt nets*, today announces the successful follow-on investment in the company by Ares Infrastructure Debt strategy (“Ares”).

With the follow-on investment from Ares, toob will continue to execute its growth strategy from a stronger financial position as it seeks to generate long-term, sustainable value creation while maintaining exceptional service for its customers.

In addition, toob is pleased to announce that Kevin Dean and Sarah Herriman have joined the company as Executive Chairman of the Board and Chief Financial Officer, respectively. Kevin Dean and Sarah Herriman bring deep industry expertise, operational experience and financial acumen to toob as the company continues to focus on providing a reliable and price competitive broadband proposition.

Kevin Dean’s experience includes acting Chairman of the Board of euNetworks, facilitating the growth of revenue and EBITDA at euNetworks as Interim CEO, acting Board member of Vela Infrastructure and several positions leading marketing at euNetworks, Mercury, Cable and Wireless, COLT, and Interxion.

Sarah Herriman’s experience includes various finance roles across telecoms and digital infrastructure businesses, including CFO of Spring Fibre, Director of Finance at Neos Networks, and Senior Finance Manager at Vodafone.

Nick Parbutt, CEO and Founder, said: “I am pleased to expand our existing relationship with Ares as our team remains focused on advancing our objectives to drive sustainable growth and delivering for our customers. I am also thrilled to welcome two leaders of Kevin’s and Sarah’s calibre as we look to build on our differentiated market position.”

Kevin Dean said: “Nick and the team have built a solid business and network with a strong customer focus and challenger mentality over the past eight years. I am delighted to join the team and look forward to supporting the leadership team as we seek to capitalise on the company’s market opportunity.”

Sarah Herriman said: “I am excited to join the toob team at this inflection point in its growth journey. With the investment from Ares, the company moves forward with greater financial flexibility to further its disciplined approach to growth.”

James Fox, a Managing Director in Ares’ Infrastructure Debt strategy, said: “Since Ares’ initial investment in toob in 2023, we have taken a long-term view of the company’s ability to access what we view as a significant market opportunity in the UK. Alongside our commitment of new capital, we look forward to continuing to work closely with the toob team as they benefit from the sustained demand for faster, more reliable broadband.”

toob is EBITDA positive and is on track to achieve cashflow positivity, with 140,000 customers, adding over 20,000 so far this year, and over 300,000 homes passed on its own network across the South of England.