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Virgin Media is understood to be seeking extra funding for a large-scale fibre broadband rollout.

The company is currently spending £3 billion on its Project Lightning initiative, which will lead to 17 million homes and businesses in the UK having access to its ultrafast network by 2019.

According to the Telegraph, Chief Executive Tom Mockridge has asked the board at Liberty Global for additional funds to connect a further four million homes and businesses to the network by 2020.

This will increase coverage from around 50 per cent to approximately two-thirds of premises across the country.

Citing City sources, the Telegraph said Mr Mockridge is "determined" to offer millions more homes better connectivity as demand for faster internet access continues to increase.

According to Virgin Media's latest trading statement, the Project Lightning initiative is on course to reach more than 500,000 new UK premises this year, with 85,000 premises being added to its ultrafast network in Q2.

The upgrades mean households will receive broadband speeds of up to 200Mbps, which Virgin Media says is more than two-and-a-half times faster than the maximum speeds offered by Sky, TalkTalk and BT.

Businesses with ultrafast connections will benefit from speeds of up to 300Mbps. Virgin Media says this is nearly four times faster than the maximum speeds available from its competitors.

Source: The Telegraph

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