91Èȱ¬

A Welsh broadband internet firm says it hopes to create 140 jobs and expand its ultrafast network to a further 150,000 homes across south and west Wales.

Spectrum said it had secured a funding deal which will let it increase its full fibre optic network.

The fibre-to-the-premises (FTTP) services offers higher internet speeds than using copper cable technology.

Parts of Monmouthshire, the Vale of Glamorgan and Pembrokeshire would be the first to benefit, said Spectrum.

The company, which was setup by Chepstow entrepreneur Giles Phelps in 2011, is based in Cardiff.

It has agreed what it has described as a "landmark" deal for an undisclosed sum from infrastructure investors Infracapital.

"With Infracapital's support we aim to be Wales' biggest and best homegrown broadband service provider, and a key contributor to helping shape the future Welsh economy," said the firm's director, Mr Phelps.

"As we grow, we are committed to working closely with the communities we serve and to provide customers with an even better service from our local team."

FTTP sees fibre optic cables go directly into a home, rather than to a cabinet in the street and copper connections over the last step to a property.

Earlier this year, Spectrum signed up to a project with the Welsh Government to use existing ducts alongside trunk roads across south Wales to carry its fibre optic cables.

"When I made the original announcement we would not have known how many of us would now be working from home where a reliable broadband connection is vital," said Lee Waters, deputy minister for economy and transport.

"This development is now even more timely and welcome. It's great to see this expansion in fibre broadband, which comes at no cost to the public purse."