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Toople's contract extension win ‘a real affirmation’ of its offering

08:23, 22nd October 2020
Francesca Morgan
RNS Newswire
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Toople (LON:TOOP FOLLOW) has sold a range of new Internet Protocol (“IP”) cloud based services to a London-based bakery in a 36 month extension to an existing agreement.

The group said the 36-month extension ‘significantly increases’ the value of the contract and that expanding the scope of its services demonstrates “a real affirmation” of its offering.

Toople, the provider of telecom services to UK SMEs, signed a contract with the undisclosed bakery back in March 2018, where it agreed to provide full telecom services to their 52 retail sites as well as their corporate headquarters.  

Since 2018, the bakery has expanded its footprint to over 70 retail sites and Toople is now contracted to provide telecom services to, including broadband, telephony and mobile Wi-Fi, and superfast broadband and Wi-Fi services to the bakery's headquarters and distribution offices.

Toople will also replace standard broadband with superfast fibre-optic broadband in each location, where available, as part of its growth strategy in line with the UK government’s commitment to roll out fibre telecommunication infrastructure to replace copper.

Toople will also be responsible for rolling out cloud telephony, as well disaster 4G backup recovery systems, in each location. 

This will ensure that the business has ‘seamless connectivity’ in the event of outage and can continue to function with online delivery platforms.’

Shares in Toople have more than doubled in the past three months and opened 11.58% higher this morning at 0.16p following the announcement. 

TOOP price chart

While no contract value was disclosed, Toople said the extension is expected to ‘significantly increase’ the value of the contract and that expanding the scope of its services demonstrates “a real affirmation” of its complete service offering and bodes well for future financial performance.

"We are extremely pleased that an important existing customer is satisfied with the services we have provided. This satisfaction underpins their wish to increase the scope and length of their existing contract with Toople,” said Andy Hollingworth, Chief Executive of Toople.

He added, “It is further evidence that small and medium sized businesses are increasingly looking at their existing broadband and telephony infrastructure to take advantage of the availability of next generation fibre and improved telecom network services.”

"We congratulate our customer on their success and expansion over the last two and a half years and we look forward to assisting them with the new services they have contracted,” he noted on the contract that was originally won from the ‘largest provider in the UK.”

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