Virgin Media Fibre
The old and the new, the larger cabinet is part of the rather ancient Coventry Cable TV network which ceased ages ago. The smaller cabinet is the part of the new fibre rollout and collects all the consumer blown fibre conduits.
The new Virgin Media network seems to be a true fibre network, ie. fibre right to the premesis. As a result the digging is to lay blown fibre ducts to all the premises passed. These show a new footway box being constructed. The smaller ducts are to premises and larger oval ones seem to go the distribution cabinets.
This is the duct termination point outside each premises. When a subscriber is added, the installers continue the blown fibre duct to the NTE which is fixed to the outside of the premises. This (I assume) converts the fibre to a copper wire.