Magnet Networks delivers fibre broadband to Wembley
ISP enters UK market with Velocity 1 acquisition
TechTrade | 08 May 2012 :
Magnet Networks has launched its first fibre-to-the Home (FTTH) service in the UK following the acquisition of a 90% shareholding in UK fibre broadband provider Velocity 1 from Quintain Estates and Development PLC who will retain a 10% shareholding in the business as joint venture partners.
Using Magnet Networks' Dublin offices as a shared services centre, the company will offer triple play fibre broadband services to UK homes and businesses on an open access basis. Services will initially be deployed at one of Quintain's principal urban regeneration schemes in London, Wembley City, with plans for further deployment in the Greenwich Peninsula area of London.
Magnet Networks' CEO Mark Kellett said: "The partnership with Quintain Estates and Development offers a tremendous opportunity for us to bring our six years of Fibre-to-the-Home and office deployment and operational expertise to UK customers.
"Velocity is the only operator currently offering 100Mb/s triple play services in the UK market. We are also now leveraging our back office services in Dublin to provide sales, customer support and billing to UK customers. It is our intent to invest in and grow the UK business over the next 10 years given the favourable regulatory and competitive environment, as well as the strong opportunities in the new build market in the UK."
Magnet was the first ISP in Ireland to build a fibre-to-the-home network which is now available in over 12,000 homes. The services being rolled out in the UK replicate the company's offering in Ireland and include digital TV, telephone and broadband service offering speeds of 30-, 50- and 100Mb/s.