The company provides high-speed internet services for customers in a major UK city.
G Network counts some 25,000 clients (Image: Getty)
A UK broadband provider has plunged into administration. G Network, which provides high-speed internet services for people living in the London area, was acquired by FitzWalter Capital earlier this month. The broadband provider, which counts some 25,000 customers, has racked up around £300million in debt. Just days after acquiring the company, FitzWalter Capital, a distressed debt specialist, applied to appoint administrators at G Network.
It will now sell off G Network’s customer base and fibre network. A number of investors, including NatWest and Santander, are expected to take a writedown. Alvarez & Marsal Europe LLP were formally appointed as the joint administrators for G Network on Monday, January 12.
Richard Beard, joint administrator and MD of Alvarez and Marsal, said in a message that will interest the broadband provider’s customers: “G Network will continue to trade as normal, with its full-fibre network operating as before and services being delivered to existing and new customers across London without interruption.”
He added: “Our appointment as administrators provides a platform for a restructuring, and we will work closely with the management team to create a sustainable business. We understand that this will be an unsettling time for G Network’s employees. We appreciate their hard work and will be keeping them updated on the restructuring process.”
The statement concluded: “The company benefits from a robust network and a strong customer base. We would like to invite any parties interested in acquiring the business to contact us.”
The company has thousands of customers in London (Image: Getty)
G Network is part of the altnet industry that exploded during the Covid-19 pandemic. Businesses within the industry seek to challenge the traditional broadband infrastructure of BT’s Openreach and Virgin Media O2.
However, the Financial Times reports that the industry’s growth has been smaller than expected, with a net industry debt of more than £9bn on a combined basis at the end of 2025.
G Network is only 10 years old, having been founded in 2016. It had spent heavily to dig up streets to lay fibre cables, which has led to financial difficulties. Its broadband network covers around 400,000 homes in London, but it only has around 25,000 customers.
