Rural community in the hills


Connecting rural communities across the UK

Macquarie Capital invested in Voneus to bring gigabit broadband to villages across the United Kingdom.

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Sector Infrastructure
Sub-sector Technology and sevices
Location United Kingdom


Increasing access to faster broadband.

Over half of UK households now have access to full-fibre internet services – a significant increase from only ~14 per cent in 2020. This rapid increase in coverage and improved connectivity has been supported by urban and rural operators such as Voneus.1

Voneus was founded in 2015, with the goal of giving rural communities the same fast broadband that is accessible in cities, and is a leading specialist in Fixed Wireless Access technology and rural broadband.


Building a leading fibre operator.

In 2019, Macquarie Capital made an initial investment in Voneus to support its growth and accelerate fibre roll-out across rural areas of the UK. Our Infrastructure and Energy Capital team increased Macquarie’s ownership stake in 2021 and partnered with the Israel Infrastructure Fund (IIF), an experienced investor in the fibre roll-out sector, to further accelerate Voneus’ growth plans.

In September 2023 Macquarie Capital, IIF and Tiger Infrastructure Partners announced the merging of SWS Broadband and Cadence Networks with Voneus Broadband, and the simultaneous acquisition of Broadway Partners, creating a newly consolidated Voneus business.

SWS Broadband’s network complements Voneus’ footprint in Wales and adjacent deployment areas in Staffordshire. And the addition of Broadway Partners alongside the recently acquired Beacons Telecoms in Wales also complements Voneus growth strategy nationally.

The combined group will be funded with up to £250 million in new capital from the three shareholders and bank lenders to advance it and the UK government’s shared objective of closing the digital divide.


Closing the digital divide.

Voneus’ rapid growth will enable greater support to rural communities across the UK and help to deliver reliable internet connectivity and services, both of which are vital for social cohesion and economic growth.

Through this buy and build strategy alongside its plans for organic growth, Voneus has already begun to connect customers in more digitally deprived rural villages in Carlisle, Northallerton and Pembrokeshire, and will be building its full-fibre network in South West England connecting rural villages near Plymouth, among others.

The newly consolidated business has set itself a target to serve over ~350,000 premises across the UK and will benefit from numerous synergies including improved economies of scale, a larger future build pipeline, diversified contractor relationships, and strong backing from institutional shareholders.

The roll-out of full-fibre broadband to these rural communities demonstrates the success of the Voneus model in de-risking and speeding up fibre roll-out to harder to reach communities. We look forward to continuing to provide our development capabilities to support the management team in connecting further rural committees and helping unlock significant economic and social benefits for the United Kingdom.”

Oliver Bradley
Managing Director
Macquarie Capital


consolidated, market-leading fibre business

£250 million

new funding package provided by shareholders and senior lenders

350,000 premises

Voneus’ broadband connectivity target across the UK

This is a very exciting time for Voneus, and for our new partners, shareholders, and the communities we serve, as we accelerate our rollout of innovative broadband solutions across the UK.

Welcoming SWS Broadband, Cadence Networks and Broadway Partners into Voneus provides us with even more opportunities to support businesses, individuals, and communities to thrive – fostering economic development, education, and communication to help improve the overall quality of life no matter where they are from.”

Christopher Traggio
CEO of Voneus Broadband

1. “Faster full-fibre broadband now available to over half of UK homes” Ofcom, 7 September 2023,

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