G Network was plunged into administration earlier this year but has now emerged under new ownership debt-free – its infrastructure currently passes more than 420,000 premises
A major UK broadband provider has been saved from administration and has emerged under new ownership debt-free.
G.Network was plunged into administration earlier this year, and a rescue bid was abandoned due to concerns that rodents had caused extensive damage to the fibre cables.
Community Fibre, a broadband competitor, had been contemplating acquiring the firm’s assets. Community Fibre’s CEO Graeme Oxby told the Telegraph that the rescue would not go ahead partly due to the costs associated with repairing damaged cables. He said: “Rodents like ducts and they like fibres which are very tasty.”
However, this week it emerged that G.Network has completed a financial reorganisation through administration and is now under the ownership of FitzWalter Capital.
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The London-based company said it had emerged from administration debt-free and supported by fresh capital. Co-founder David Sangster has now been reappointed as chief executive officer. He replaces former Openreach executive Kevin Murphy, who led the company for three and a half years until its sale.
“G.Network enters this next chapter debt-free and well capitalised, with a team that has delivered strong operational performance,” said Andrew Gray, Partner at FitzWalter Capital.
“We look forward to partnering with David and the entire G.Network team to accelerate the commercialisation of the network and establish G.Network as a leading challenger in UK fibre.”
Sangster said: “G.Network has always had an outstanding network at its core, and a dedicated team, many of whom have contributed to the creation of the business.
“G.Network continued to grow during its short period of administration, and now that period is over, we can build on those foundations. We are looking forward to bringing our unrivalled asset and outstanding service to our partners and customers in London.”
G.Network’s infrastructure currently passes more than 420,000 premises across central London. London is one of the most commercially competitive fibre markets on the planet. The firm services around 25,000 customers.
