{"id":45274,"date":"2026-03-24T09:11:15","date_gmt":"2026-03-24T09:11:15","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=45274"},"modified":"2026-03-24T15:29:36","modified_gmt":"2026-03-24T15:29:36","slug":"london-full-fibre-broadband-provider-g-network-moves-forward-debt-free","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2026\/03\/london-full-fibre-broadband-provider-g-network-moves-forward-debt-free.html","title":{"rendered":"London Full Fibre Broadband Provider G.Network Moves Forward &#8220;Debt-Free&#8221;"},"content":{"rendered":"<p>Alternative UK network operator <a class=\"shortlink shortlink-147 shortlink-chref\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/gnetwork\" target=\"_blank\" rel=\"nofollow\" title=\"G.Network\" data-chref=\"https:\/\/www.g.network\">G.Network<\/a>, which built a full fibre (<a class=\"shortlink shortlink-110 shortlink-chref\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/fttp\" target=\"_blank\" rel=\"\" title=\"fttp\" data-chref=\"https:\/\/www.ispreview.co.uk\/broadband_fibre_optic.php\">FTTP<\/a>) broadband network across parts of London and recently went into administration after being acquired by distressed debt specialist FitzWalter Capital (<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/2026\/01\/g-network-sell-london-uk-full-fibre-broadband-network-to-fitzwalter-capital.html\">here<\/a> and <a href=\"https:\/\/www.ispreview.co.uk\/index.php\/2026\/01\/uk-broadband-provider-g-network-files-notice-to-appoint-an-administrator.html\">here<\/a>), today say it&#8217;s &#8220;<em>successfully reorganised through administration<\/em>&#8220;. The company said they&#8217;re now moving forward on a &#8220;<em>debt-free, well-capitalised, growth-oriented footing<\/em>&#8220;.<!--more--><\/p>\n<p>Just to recap. <a class=\"shortlink shortlink-147 shortlink-chref\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/gnetwork\" target=\"_blank\" rel=\"nofollow\" title=\"G.Network\" data-chref=\"https:\/\/www.g.network\">G.Network<\/a>, which originally aspired to expand their <a class=\"shortlink shortlink-110 shortlink-chref\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/fttp\" target=\"_blank\" rel=\"\" title=\"fttp\" data-chref=\"https:\/\/www.ispreview.co.uk\/broadband_fibre_optic.php\">FTTP<\/a> lines to cover 1.3 million premises in London by the end of 2026, ultimately ended up being impacted by an increasingly competitive environment and rising costs (high build costs, high interest rates etc.); this resulted in job cuts and a greater focus on commercialisation instead of new fibre build (<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/2024\/11\/london-full-fibre-broadband-isp-g-network-cuts-jobs-and-shifts-strategy.html\">here<\/a>), which is a not unfamiliar direction for the UK&#8217;s many altnets.<\/p>\n<div class=\"bq2\"><strong>NOTE:<\/strong> G.Network\u2019s latest annual accounts to March 2024 (<a href=\"https:\/\/find-and-update.company-information.service.gov.uk\/company\/10057745\/filing-history\" target=\"_blank\" rel=\"noopener\">here<\/a>) said their \u201c<em>wholly-owned and hard to replicate FTTP ducted network<\/em>\u201d now covered 416,000 premises, of which 361,000 are said to be \u201c<em>connectable under the <a class=\"shortlink shortlink-133 shortlink-chref\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/ofcom\" target=\"_blank\" rel=\"\" title=\"ofcom\" data-chref=\"https:\/\/www.ofcom.org.uk\">Ofcom<\/a> Connected Nations definition<\/em>\u201d. But an independent estimate in Sept 2025 put them closer to 255,100 as Ready For Service (<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/2025\/09\/top-17-largest-full-fibre-broadband-networks-by-uk-coverage-h2-2025.html\">here<\/a>), while other reports suggested they were home to just 25,000 customers.<\/div>\n<p>However, their efforts to commercialise the existing network did continue to face some pressure from gigabit-capable rivals in many of the same areas, including the likes of <a class=\"shortlink shortlink-48\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/go\/hyperopticfibre\" target=\"_blank\" rel=\"nofollow\" title=\"hyperoptic\">Hyperoptic<\/a>, <a class=\"shortlink shortlink-151\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/go\/communityfibre\" target=\"_blank\" rel=\"nofollow\" title=\"communityfibre\">CommunityFibre<\/a>, <a class=\"shortlink shortlink-65\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/go\/vm\" target=\"_blank\" rel=\"nofollow\" title=\"virgin media\">Virgin Media<\/a> (<a class=\"shortlink shortlink-233\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/nexfibre\" target=\"_blank\" rel=\"\" title=\"nexfibre network\">nexfibre<\/a>) and <a class=\"shortlink shortlink-46 shortlink-chref\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/openreach\" target=\"_blank\" rel=\"\" title=\"openreach\" data-chref=\"https:\/\/www.openreach.co.uk\">Openreach<\/a> (<a class=\"shortlink shortlink-145\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/go\/britishtelecom\" target=\"_blank\" rel=\"nofollow\" title=\"BT\">BT<\/a>). But despite that the operator had continued to receive funding from long term equity investor <strong>Universities Superannuation Scheme<\/strong> (USS), including \u00a385m in June 2024 (<a href=\"https:\/\/www.ispreview.co.uk\/index.php\/2024\/06\/london-full-fibre-broadband-isp-g-network-gets-85m-funding-boost.html\">here<\/a>).<\/p>\n<p>The company\u2019s most recent accounts reported an 85% increase in turnover to \u00a310.2m in FY2024 and a gross profit of \u00a37.3m (up 62%), with total assets of \u00a3453m (up from \u00a3394m). But they also suffered an operating loss for the year of \u00a352.8m (down from \u00a367.2m) and were estimated (Enders Analysis) to be carrying a net debt of over \u00a3300m.<\/p>\n<p>The issues all seemed to come to somewhat of a head at the start of this year, when G.Network ended up being acquired by <strong>FitzWalter Capital<\/strong> (FWC) and was then promptly placed into administration, which highlighted how the operator&#8217;s &#8220;<em>capital structure has become unsustainable<\/em>&#8220;.<\/p>\n<p>At the time Richard Beard, Joint Administrator and MD of Alvarez and Marsal, told ISPreview: &#8220;<em>Our appointment as administrators provides a platform for a restructuring, and we will work closely with the management team to create a sustainable business<\/em>.&#8221;<\/p>\n<h3><span style=\"color: #339966;\"><strong>The latest update<\/strong><\/span><\/h3>\n<p>The latest update, which was issued this morning, states that G.network has now been &#8220;<em>successfully reorganised through administration, and moves forward on a debt-free, well-capitalised, growth-oriented footing<\/em>&#8220;. In addition, David Sangster, the original co-founder of G.Network, is said to be &#8220;<em>returning to the business<\/em>&#8221; as <strong>Chief Executive Officer<\/strong> (CEO).<\/p>\n<blockquote class=\"bq1\"><p><strong>David Sangster said:<\/strong><\/p>\n<p>&#8220;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.&#8221;<\/p><\/blockquote>\n<blockquote class=\"bq1\"><p><strong>Andrew Gray, Partner at FitzWalter Capital, said:<\/strong><\/p>\n<p>&#8220;G.Network enters this next chapter debt-free and well capitalised, with a team that has delivered strong operational performance. 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.&#8221;<\/p><\/blockquote>\n<p>Readers can find a full <a href=\"https:\/\/find-and-update.company-information.service.gov.uk\/company\/10057745\/filing-history\" target=\"_blank\" rel=\"noopener\">statement of affairs<\/a> from the administrator on Companies House, although suffice to say that the restructured business will naturally now be a lot more attractive as a consolidation target. Such an outcome would no doubt suit FWC, which probably prefers to be more of a short-term holder of the business.<\/p>\n<p>In addition, the statement of affairs notes that G.Network had 230 employees at the date of the administrator&#8217;s appointment, but unsurprisingly some 106 employees have since been made redundant (124 employees were retained). One downside of the restructuring process is of course that some of the company&#8217;s creditors\/suppliers will have lost money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alternative UK network operator G.Network, which built a full fibre (FTTP) broadband network across parts of London and recently went into administration after being acquired by distressed debt specialist FitzWalter Capital (here and here), today say it&#8217;s &#8220;successfully reorganised through administration&#8220;. The company said they&#8217;re now moving forward on a &#8220;debt-free, well-capitalised, growth-oriented footing&#8220;.<\/p>\n","protected":false},"author":1,"featured_media":31687,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[472,56,1994],"class_list":["post-45274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk_isp_news","tag-business","tag-fttp","tag-g-network"],"share_on_mastodon":{"url":"https:\/\/mastodon.social\/@ispreview\/116283380670643919","error":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>London Full Fibre Broadband Provider G.Network Moves Forward &quot;Debt-Free&quot; - ISPreview UK<\/title>\n<meta name=\"description\" content=\"Alternative UK network operator G.Network, which built a full fibre (FTTP) broadband network across parts of London and recently went into administration\" \/>\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\/2026\/03\/london-full-fibre-broadband-provider-g-network-moves-forward-debt-free.html\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"London Full Fibre Broadband Provider G.Network Moves Forward &quot;Debt-Free&quot; - 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