{"id":35122,"date":"2023-07-19T09:21:45","date_gmt":"2023-07-19T08:21:45","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=35122"},"modified":"2023-07-21T11:00:50","modified_gmt":"2023-07-21T10:00:50","slug":"g-network-secure-150m-investment-to-boost-london-full-fibre-build","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2023\/07\/g-network-secure-150m-investment-to-boost-london-full-fibre-build.html","title":{"rendered":"G.Network Secure \u00a3150m Investment to Boost London Full Fibre Build UPDATE"},"content":{"rendered":"

London-focused ISP and broadband network builder G.Network<\/a>, which until today had been investing around \u00a31bn to roll-out a new Fibre-to-the-Premises (FTTP<\/a> \/ XGS-PON) network in the city, has today announced that they’ve secured a funding boost of up to \u00a3150m from principal investor USS.<\/p>\n

The operator, which last year claimed to have already covered 400,000 premises<\/strong> across London (we haven\u2019t had a solid update since then) and was recently spotted testing Nokia\u2019s 25G PON<\/strong> technology (here<\/a>), previously held a long-term aim of covering 1.3 million premises by around the end of 2026. But doubts were cast over the viability of that after the operator revealed in May 2023 that around 230 jobs were due to be cut (here<\/a>).<\/p>\n

The good news today is that G.Network<\/a> has secured a critical investment boost of “up to an additional<\/em>” \u00a3150 million<\/strong> from principal investor USS<\/strong>. According to the announcement: “The recently completed strategic review places both the customer at the heart of G.Network and the business on an accelerated path to profitability. Management is pleased with the significant improvements already achieved in productivity, revenues, and customer service, and encouraged by the ongoing momentum across the business<\/em>.”<\/p>\n

The operator expects the new investment boost to help drive both “revenue growth and the build out<\/em>” of their central London network. G.Network has also announced several senior appointments, with Jon Hurry (Chief Commercial Officer – CCO) joining from BT<\/a>, Carl Grose becoming Chief Operating Officer (COO) and Rod Day becoming Chief Financial Officer (CFO) – replacing Simon Kilonback.<\/p>\n

Kevin Murphy, Chief Executive, said:<\/strong><\/p>\n

“I am delighted with today\u2019s announcements and the continued investment and support from USS which underpins our growth strategy and illustrates their confidence in the opportunities we have ahead.<\/p>\n

Being able to attract executives of the calibre and track record of Jon, Carl and Rod is a great reflection on the business that we are building at G.Network and I have no doubt that they will all make an invaluable contribution in the next phase of our growth strategy and beyond.<\/p>\n

On behalf of G.Network, I would like to thank Simon for everything he has done as Chief Financial Officer and we wish him well in his new exciting role.”<\/p><\/blockquote>\n

Residential customers of the service typically pay from \u00a322 per month for a 150Mbps (50Mbps upload) package on a 24-month contract term (inc. \u00a329 one-off installation fee), which rises to \u00a348 for their top 1Gbps (symmetric) tier with free installation (currently discounted to \u00a324 for the first 6-months).<\/p>\n

We did ask G.Network if they were able to provide an update on their current network coverage and to clarify whether the target for 2026 still exists, although they chose not to give use an answer to those specific queries. But their next set of annual accounts should provide some clarity.<\/p>\n

UPDATE 21st July 2023<\/strong><\/p>\n

We’ve recently had some reports of more redundancies occurring at G.Network, beyond those of the original announcement. As we understand it, this reflects a smaller voluntary redundancy programme that started two weeks ago, which has resulted in net role reductions of less than 30 – this time from those in management and contracting roles.<\/p>\n","protected":false},"excerpt":{"rendered":"

London-focused ISP and broadband network builder G.Network, which until today had been investing around \u00a31bn to roll-out a new Fibre-to-the-Premises (FTTP \/ XGS-PON) network in the city, has today announced that they’ve secured a funding boost of up to \u00a3150m from principal investor USS.<\/p>\n","protected":false},"author":1,"featured_media":26788,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[56,1994],"class_list":["post-35122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk_isp_news","tag-fttp","tag-g-network"],"share_on_mastodon":{"url":"","error":""},"yoast_head":"\nG.Network Secure \u00a3150m Investment to Boost London Full Fibre Build UPDATE - ISPreview UK<\/title>\n<meta name=\"description\" content=\"London-focused ISP and broadband network builder G.Network, which until today had been investing around \u00a31bn to roll-out a new Fibre-to-the-Premises (FTTP\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/2023\/07\/g-network-secure-150m-investment-to-boost-london-full-fibre-build.html\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"G.Network Secure \u00a3150m Investment to Boost London Full Fibre Build UPDATE - 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