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Gresham House PLC on Friday said its portfolio company Wildanet Ltd has won new contracts, as investment management clients Baronsmead Venture Trust PLC and Baronsmead Second Venture Trust PLC raise £17.3 million.
The London-based alternative asset manager said Wildanet has been awarded two contracts worth a combined £36 million, as part of the UK government’s £5 billion Project Gigabit programme.
The company said the contract will provide broadband connections to 19,250 hard-to-reach homes and businesses, and create 200 new skilled jobs in Cornwall.
Gresham House said Wildanet is already investing over £50 million in its broadband network in Cornwall and Devon, following £50 million backing from Gresham House’s sustainable infrastructure strategy in 2020.
The company added that the Baronsmead VCTs have raised £17.3 million, 43% of the targeted £40 million. These funds will be used to grow the business’s portfolio and access new investment opportunities.
Gresham House also noted that Gresham House Residential Secure Income LP has agreed a £40 million deal with Countryside Partnerships PLC to fund the construction of 167 new affordable homes in Chippenham, Wiltshire.
Chief Executive Officer Tony Dalwood said: ‘These fundraisings and deployments continue to show the opportunity from the Gresham House platforms, enabling social and commercial benefits to the UK population over time.’
Gresham House shares were down 0.8% trading at 753.90 pence per share on Friday afternoon in London.
By Harvey Dorset, Alliance News reporter
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