G Network, a London-based broadband provider serving around 25,000 customers, has collapsed into administration after accumulating approximately £300 million in debt. The company, founded in 2016, was taken over by debt specialists FitzWalter Capital earlier this month, who subsequently applied to appoint administrators.
Alvarez & Marsal Europe LLP have been formally appointed as joint administrators. They have assured customers that there will be no interruption to broadband services. Richard Beard, joint administrator and managing director at Alvarez & Marsal, stated that the company will continue to trade normally, with its full-fibre network operating as before.
Beard emphasised that the administration provides a platform for restructuring, and the team will work closely with management to create a sustainable business. He acknowledged the unsettling time for employees and expressed appreciation for their hard work, promising to keep them updated on the restructuring process.
G Network was previously owned by the USS pension fund and Cube Infrastructure Managers. The company had ambitious plans to reach 1.4 million homes in London with over £1 billion in network investment. However, a sale process initiated 18 months ago with bankers Jefferies and Nomura was unsuccessful.
The administrators have invited parties interested in acquiring the business to contact them, citing a robust network and strong customer base as key assets.
