Fuelling our future growth with £100m debt funding from three major UK banks

As a result of our continued substantial and sustainable growth as one of Britain’s leading independent utility network operators, we’re proud to announce we’ve secured a £100m debt facility from three major UK banks.

We’ve reached another strategic milestone in our business growth, securing a £100 million debt funding package from Santander UK, Lloyds and NatWest.

Following substantial and sustainable growth over the past five years, we’ve built an extensive orderbook of more than 415,000 contracted residential, industrial and commercial gas and electricity connections nationwide and over 136,000 live connections.

Off the back of this success, we expanded into the water sector last year, now licenced by Ofwat to adopt water and wastewater infrastructure to new developments across England and Wales.

The additional funding will allow us to grow our business even further, acquiring more electricity, gas and water infrastructure assets. We’ll also enhance our Extra High Voltage (EHV) and High Voltage (HV) connection offering, providing solutions for grid connections to data centres, battery energy storage systems (BESS), large industrial and commercial projects, and electric vehicle charging infrastructure.

Our expansion into new markets will take us one step closer to our vision of becoming the UK’s first-choice multi-utility network operator, offering investment and multi-utility expertise to help build better and more sustainable places to live and work in support of the UK’s net zero transition.

Our Managing Director Gregory Addison-Smyth commented: “I’m delighted that we’ve successfully secured £100m in debt refinancing, which is testament to how we’ve established ourselves as one of Britain’s leading independent multi-utility network operators in recent years. This additional funding creates a fantastic platform to fuel our future growth and expand into new utility markets.

“We’re grateful to our shareholders Murphy and SGN, who’ve supported us in securing this debt refinancing, as well as our debt advisers Forvis Mazars, commercial and technical due diligence advisers PA Consulting, interest rate advisers Chatham Financial and legal advisers Addleshaw Goddard LLP and CMS.

“I’d also like to extend a special thanks to the entire mua team. Reaching this milestone is a real endorsement of our business and the strength and expertise of our team as we strive towards our vision of becoming Britain’s first-choice multi-utility network operator.”