A North Shields-based satellite communications provider has received an eight-figure funding package from Santander UK which will be used to bolster broadband provisions in remote areas around the world.

Broadband Satellite Services (BSSL), which has offices in the US, EMEA, Oceania and Asia, expects the funding to help triple its profits over the next three years.

BSSL provides broadband and communications services in parts of the world where traditional telephone and data coverage is unavailable and was formed in 2012 to support the management buyout of AND Group.

Chief executive Ian Robinson said: “Operating in a unique market landscape, it is crucial to have a funding provider that understands your business.

“The funding package from Santander UK provides BSSL with the capital investment needed to accelerate our long-term growth strategy, address new market opportunities and strengthen our offering through service innovations, via a financial model that works for our organisation.”

Martin Beckett, structured finance director at Santander UK, added: “We are delighted to support BSSL in this next phase of expansion to cement its place as a global leader in satellite communications.”

Santander was advised by Kevin Maloney and Nicola Nutley at Muckle, while BSSL was advised by Paul Wigham and Kirsty Adamson at Weightmans. Bob McDermott and Dan Rosinke of Grant Thornton provided financial due diligence.

The Business Growth Fund, which invested into BSSL in 2015, was advised by Imogen Holland at Ward Hadaway.

Originally published in Insider Media Ltd