TalkTalk Group is pleased to confirm a commitment from an existing shareholder on £100m of new funding facilities to be made available to the group.
The new facilities have been arranged in conjunction with a number of other actions, including approximately £50m of non core asset sales recently announced and amendments to existing debt facilities allowing interest to be capitalised, that will together enhance the group's funding capacity by over £200m.
The new funding will be used to strengthen the group's working capital position and support investment in its two businesses - PXC and TalkTalk. The PXC wholesale business is focussed on delivering a next generation all IP product set via its market leading delivery portal, as well as investing to simplify and reduce costs in its network and IT operations. The TalkTalk consumer business is preparing to return to more proactive new customer acquisition with a new and differentiated product offering focussed on in home WiFi coverage, delivered over a new and significantly enhanced customer service platform.
James Smith, TalkTalk Group CEO, commented: “This new investment will significantly strengthen the group’s funding position and demonstrates strong conviction in our business model and value proposition.
“We have already made significant progress in simplifying the way we run the business and deliver our services. The new investment will enable us to accelerate with confidence the next phase of new product delivery, automation and improved customer experience across both our wholesale and consumer businesses.”
Enquiries:
TalkTalk Press Office
press.office@talktalkplc.com