Jurassic Fibre Limited, a recently established alternative network provider, is pleased to announce the completion of a long-term funding deal which will allow it to invest in developing a Fibre-to-the-Premise ("FTTP") network in Devon, Dorset and Somerset.

Jurassic Fibre will build and operate new full fibre infrastructure in towns and villages, delivering high quality, 1Gbps+ broadband to homes and businesses which are currently served by copper infrastructure.

Fern Trading Limited (Fern), advised by Octopus investments (Octopus), has acquired Jurassic Fibre and is providing funding for an expansion plan that could over the next few years exceed £250m, creating jobs and essential infrastructure.

The UK market is lagging behind the rest of Western Europe with one of the lowest FTTP coverage levels at just 6%.

Jurassic Fibre, with the backing of Fern and Octopus, will offer broadband services to meet the rapidly increasing data consumption demands of consumers and businesses.

Jurassic Fibre has plans to build a network passing more than 300,000 homes in Devon, Dorset and Somerset in the coming years and to provide a high-quality broadband service to customers on their network.

Michael Maltby, CEO of Jurassic Fibre, said: "Jurassic Fibre is very pleased that Fern, advised by Octopus, has agreed to acquire the company and fund the roll out of its GPON ultra-fast broadband network across the South West of England.

"It is a strong statement of faith both in the company and future of the region. Over the coming months and years, we look forward to working with communities, businesses and councils to build the digital infrastructure required to put the region at the forefront of the UK economy."

Paul Latham, CEO of Fern, commented: "This is a great opportunity for Fern to back a highly experienced management team with a track record of building full fibre networks across the world, providing stable returns for our investors who want to put their money to work in the UK economy."

Robert Skinner, Investment Director at Octopus, commented: "We are excited to be working with Jurassic Fibre to provide what is quickly becoming crucial infrastructure for any region of the UK."

Phil Twiss, councillor, Devon County Council, said: "I welcome Jurassic Fibre to Devon's broadband community and look forward to the commercially funded roll out of its ultra-fast broadband services to communities and businesses across the region.

"This will extend broadband choice and complement the work supported by the council over the last few years at no cost to the tax payer, helping to future proof the county for the 21st Century."