Client stories

Helping CityFibre build Britain's full-fibre future

Connecting communities and sparking the economy

CityFibre is the UK’s largest independent full-fibre infrastructure platform. The London-based company provides carrier-neutral digital infrastructure to its wholesale customers, enabling ultra-fast, reliable broadband, ethernet and 5G services to serve homes, businesses, schools, hospitals and GPs surgeries across the UK.

As the largest 100% full-fibre wholesale network in the UK, CityFibre is working with major Internet Service Providers (ISPs) and mobile operators such as TalkTalk, Three, Vodafone and Zen, as well as with a new generation of smaller, regional ISPs.

CityFibre’s rollout has continued to scale rapidly, now passing 1.7 million homes. It has networks in deployment across more than 60 major metro areas with over 3,200 operatives in the field. By 2025, the company wants to serve up to a third of the UK – that’s 8 million homes, 80,000 businesses, 400,000 local authority sites and 250,000 5G access points – across the 285 cities, towns and villages that will benefit from this nationwide rollout.

Funding package for one of the largest single full-fibre financings

Looking to secure funding for its future rollout programme, CityFibre asked NatWest to advise and help arrange a suitable financing package.

The NatWest infrastructure and project finance team worked closely with banks and lenders to agree and underwrite a £4.9 billion debt package, comprising committed facilities of £3.9 billion and an accordion facility of £1 billion. Also participating in the funding is the recently established UK Infrastructure Bank, which recognised CityFibre’s contribution to critical national infrastructure deployment and the Government’s levelling-up programme.

The debt facility, one of the largest single financings dedicated to full-fibre deployment across Europe, will also enable CityFibre to upweight its participation in Building Digital UK’s ‘Project Gigabit’ rural programme by extending its networks to rural areas surrounding the 285 cities, towns and villages identified in its existing rollout. 

Unleashing the transformative economic potential of full-fibre

Nick Dunn, Chief Finance Officer of CityFibre, said: “With our rollout now fully financed, backed by so many esteemed financial institutions, we can now bring higher-quality, affordable infrastructure to even more households and businesses, unleashing the transformative economic potential of full-fibre to help level up the UK. NatWest were instrumental in delivering this transformative funding package for CityFibre”

Marcus Da Costa, Infrastructure Finance, NatWest, commented: “We’re delighted to have had the opportunity to help CityFibre secure the funding for the further rollout of their full-fibre network, that will connect more people and businesses across the UK.”

Jamie Doyle, Head of Infrastructure Finance, NatWest, commented: “This transaction not only demonstrates NatWest’s expertise in the growing fibre sector, but also delivers on our purpose to champion potential so that people, families and businesses can thrive – supporting businesses like CityFibre to create a fairer, greener and more inclusive society.”


Finance is subject to status. Security may be required. Product fees may apply.


This article has been prepared for information purposes only, does not constitute an analysis of all potentially material issues and is subject to change at any time without prior notice. NatWest Markets does not undertake to update you of such changes.  It is indicative only and is not binding. Other than as indicated, this article has been prepared on the basis of publicly available information believed to be reliable but no representation, warranty, undertaking or assurance of any kind, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of the information contained in this article, nor does NatWest Markets accept any obligation to any recipient to update or correct any information contained herein. Views expressed herein are not intended to be and should not be viewed as advice or as a personal recommendation. The views expressed herein may not be objective or independent of the interests of the authors or other NatWest Markets trading desks, who may be active participants in the markets, investments or strategies referred to in this article. NatWest Markets will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser; nor does NatWest Markets owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on NatWest Markets for investment advice or recommendations of any sort. You should make your own independent evaluation of the relevance and adequacy of the information contained in this article and any issues that are of concern to you.

This article does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell any investment, nor does it constitute an offer to provide any products or services that are capable of acceptance to form a contract. NatWest Markets and each of its respective affiliates accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

NatWest Markets Plc. Incorporated and registered in Scotland No. 90312 with limited liability. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. NatWest Markets N.V. is incorporated with limited liability in the Netherlands, authorised and regulated by De Nederlandsche Bank and the Autoriteit Financiële Markten. It has its seat at Amsterdam, the Netherlands, and is registered in the Commercial Register under number 33002587. Registered Office: Claude Debussylaan 94, Amsterdam, the Netherlands. Branch Reg No. in England BR001029. NatWest Markets Plc is, in certain jurisdictions, an authorised agent of NatWest Markets N.V. and NatWest Markets N.V. is, in certain jurisdictions, an authorised agent of NatWest Markets Plc. NatWest Markets Securities Japan Limited [Kanto Financial Bureau (Kin-sho) No. 202] is authorised and regulated by the Japan Financial Services Agency. Securities business in the United States is conducted through NatWest Markets Securities Inc., a FINRA registered broker-dealer (, a SIPC member ( and a wholly owned indirect subsidiary of NatWest Markets Plc.

Copyright 2022 © NatWest Markets Plc. All rights reserved.