Nick Candy is expanding his luxury apartment business into the space industry, reports the Sunday Times. Candy, aged 42, and his brother Christian are developers of the London-based complex, One Hyde Park and he is supporting a satellite broadband operation that is joining the junior stock market in a few weeks. SSW (Satellite Solutions Worldwide) is going to join AIM via a reversed merger with Cleeve Capital, a cash shell company that Candy has a ten percent share of.
Satellite Solutions Worldwide is planning to muster up £2 million so that the company can be valued at £14 million which will be used to takeover rival companies, building a customer base of people who are not able to get online using conventional phone networks. Established on 2008, Satellite Solutions Worldwide has broadband rental service with over 11,000 clients. It has no satellites of its own, instead renting capacity from companies such as Avanti, SES and Eutelsat. The piece states that the satellite broadband sector is booming, and corporate giants such as Google and Facebook vie with Richard Branson’s Virgin and SpaceX owned by Elon Musk to establish satellite networks which orbit, and remote area high-speed connectivity beamed by drones.