Sunday Times reports that property tycoon Nick Candy is branching out from luxury apartments to join the space race. Candy, 42, who developed London’s One Hyde Park apartment complex with his brother Christian, is backing a satellite broadband business that will join the junior stock market later this month.
Satellite Solutions Worldwide (SSW) will join AIM through a reverse takeover of cash shell Cleeve Capital in which Candy has a 10% stake. SSW plans to raise £2m to give it a £14m valuation and use the funds to buy rivals and build a base of customers who cannot get online through conventional telecom networks. SSW was founded in 2008 and rents broadband to more than 11,000 customers. It does not have its own satellites but rents capacity from satellite operators, such as Eutelsat, SES and Avanti.
The article notes that satellite broadband is a booming sector, with technology giants Facebook and Google vying with Elon Musk’s SpaceX and Sir Richard Branson’s Virgin to create orbiting networks of satellites and drones that will beam high-speed internet to remote areas.