£30 million pound investment heralds new dawn for Welsh business
United Kingdom of Great Britain & N. Ireland (Press Release) May 8, 2008 --
London, United Kingdom, May 07th, 2008 - Geo, a Hutchison Whampoa company and leading provider of bespoke fibre networks, has recently announced that it has won a contract with the Welsh Assembly Government. The first phase of the deal will see a £30 million investment over the next 15 years in the creation of an advanced Open Access Network – FibreSpeed – that will bring next-generation communication services to businesses across the country, starting in North Wales. Part of the financing for the Assembly Government project will come from European Structural Funds, managed by the Assembly Government’s Wales European Funding Office – and from Geo, the supplier chosen to build and operate the network.
FibreSpeed is managed by the Department for the Economy and Transport within the Welsh Assembly Government, which has a remit to develop a vibrant Welsh economy delivering strong and sustainable economic growth. FibreSpeed will contribute significantly towards the achievement of this vision and will strengthen Wales’ international standing on the global ICT stage. It will not sell directly to the end user, rather it will provide a platform to allow Service Providers, ISPs, Telco’s and other organisations that sell ICT services to the Welsh market to offer high speed and high bandwidth communications to businesses and consumers in the area.
Ieuan Wyn Jones, Deputy First Minister and Minister for the Economy and Transport said: “This is a landmark day for businesses in Wales. We all want a vibrant and booming economy in North Wales, and a high speed communications infrastructure is one of the most important components of that. This implementation will enable organisations in Wales to affordably utilise the communications services that other parts of the UK already enjoy, and will encourage external investment and relocation to the country.”
“We have a vision for the Welsh economy, one that involves providing sustainable growth and a move to a knowledge-based economy. This will help allow Welsh employment levels to match the rest of the UK, and will also create a platform to attract and retain high value, high skill jobs. This announcement is a significant step on the way to achieving those goals.”
“This contract confirms Geo’s position as the leading provider of dedicated fibre networks in the UK” said Chris Smedley, Chief Executive at Geo. “Geo’s unique business model means we are able to build and operate an entirely bespoke and open access network for the Welsh Assembly Government to help them in their quest to bring high speed next generation communication services to Wales at prices comparable with the most competitive parts of the UK. We are delighted to be part of such an exciting initiative and look forward to helping transform the Welsh business landscape with FibreSpeed in the coming years.”
About Geo
Please visit www.geo-uk.net for more information.
FibreSpeed is managed by the Department for the Economy and Transport within the Welsh Assembly Government, which has a remit to develop a vibrant Welsh economy delivering strong and sustainable economic growth. FibreSpeed will contribute significantly towards the achievement of this vision and will strengthen Wales’ international standing on the global ICT stage. It will not sell directly to the end user, rather it will provide a platform to allow Service Providers, ISPs, Telco’s and other organisations that sell ICT services to the Welsh market to offer high speed and high bandwidth communications to businesses and consumers in the area.
Ieuan Wyn Jones, Deputy First Minister and Minister for the Economy and Transport said: “This is a landmark day for businesses in Wales. We all want a vibrant and booming economy in North Wales, and a high speed communications infrastructure is one of the most important components of that. This implementation will enable organisations in Wales to affordably utilise the communications services that other parts of the UK already enjoy, and will encourage external investment and relocation to the country.”
“We have a vision for the Welsh economy, one that involves providing sustainable growth and a move to a knowledge-based economy. This will help allow Welsh employment levels to match the rest of the UK, and will also create a platform to attract and retain high value, high skill jobs. This announcement is a significant step on the way to achieving those goals.”
“This contract confirms Geo’s position as the leading provider of dedicated fibre networks in the UK” said Chris Smedley, Chief Executive at Geo. “Geo’s unique business model means we are able to build and operate an entirely bespoke and open access network for the Welsh Assembly Government to help them in their quest to bring high speed next generation communication services to Wales at prices comparable with the most competitive parts of the UK. We are delighted to be part of such an exciting initiative and look forward to helping transform the Welsh business landscape with FibreSpeed in the coming years.”
About Geo
Please visit www.geo-uk.net for more information.
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