UK broadband provider G Network has officially entered administration after accumulating close to £300 million in debt, raising concerns across the country’s telecom sector.
The London-focused full-fibre operator, which serves around 25,000 customers, has been taken over by FitzWalter Capital, a distressed-debt investment firm. Shortly after the takeover, administrators were formally appointed.
Alvarez & Marsal Europe LLP confirmed on January 12 that they are now acting as joint administrators for the company.
Despite the financial collapse, customers have been told that services will continue without disruption.
“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,” said Richard Beard, joint administrator and managing director at Alvarez & Marsal.
He added that the administration process is intended to support a full restructuring of the business.
“Our appointment provides a platform for a restructuring, and we will work closely with the management team to create a sustainable business,” Beard said.
The company’s fibre network and customer base are now expected to be marketed to potential buyers. Several major lenders, including NatWest and Santander, are reportedly facing financial write-downs linked to the collapse.
Prosecutors and regulators have not announced any wrongdoing related to the company’s operations, and the administration is being treated as a financial restructuring rather than a legal dispute.
Employees have been told they will be kept informed throughout the process. Administrators acknowledged the uncertainty surrounding the situation and thanked staff for their continued efforts.
“The company benefits from a robust network and a strong customer base,” Beard said. “We invite any parties interested in acquiring the business to contact us.”
G Network’s collapse adds to a growing list of UK firms entering administration amid rising borrowing costs and tightening investment conditions.
