Corporate team advises BigBlu Broadband on growth acceleration deals

Shepherd and Wedderburn’s Glasgow corporate team advised longstanding client and satellite broadband provider BigBlu Broadband plc on the demerger of its UK fixed wireless broadband business, Quickline Communications Ltd, backed with new private equity investment and debt funding.

A team led by George Frier, with support from John Morrison and Gavin Charlton,(Share schemes) advised BigBlu on demerging its Fixed Wireless broadband subsidiary to a new company, QCL Holdings.

Funds managed by existing BigBlu shareholder Harwood Capital invested £4 million and management invested £1.3 million in the new venture, with a further £4 million in committed investment available from Harwood funds on additional goals being met.

QCL Holdings remains a 69% subsidiary undertaking of BigBlu Broadband plc. 

The Shepherd and Wedderburn team also advised BigBlu Broadband plc on renewed loan facilities with HSBC Bank plc, including a new, increased revolving credit facility for up to £10 million, up from £8.25 million, and on a new £4 million revolving credit facility to QCL Holdings to finance growth of the demerged fixed wireless broadband business. 

George Frier said: “We have been delighted to help this growing company with its expansion, having in the past three years advised BigBlu on more than 20 acquisitions worldwide. 

“These latest deals were challenging, though our longstanding relationship with the management, existing investors and funders ensured we once again delivered successful outcomes.”