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Struggling Fife-based alternative broadband operator Gigaloch, which back in 2020 started building their own full fibre (FTTP) network across a few remote rural communities in West Cheshire (England) and parts of Scotland, has finally published their annual accounts to 30th Sept 2025 and revealed that they had to write off £1,575,090 due to a creditors’ agreement (CVA).
The operator, which primarily seems to be focused upon building across remote rural parts of Scotland (Perth and Strathearn, Highland Perthshire and Inverness-shire), originally aspired to cover 200,000 premises. But it’s unclear how far they got with that aspiration before running into difficulties.
ISPreview first started hearing that Gigaloch was struggling last year and their records on Companies House showed that the company was nearly struck off in May 2025. But Gigaloch eventually published their annual accounts for 2024 to reveal a growing problem with losses (not uncommon in this market). Not long after this we learnt that the provider was attempting to reach a Company Voluntary Arrangement (CVA) with their creditors. We attempted to contact the provider around this time via their website, but received no response.
Just for some context. A CVA allows a company with debt problems or that is insolvent to reach a voluntary deal with its business creditors (i.e. paying them back over a fixed period), which usually means that the company can continue trading while slowly paying back what they owe. Such an agreement is often preferable to failure, especially if the business is deemed to have a viable foundation, but only time will tell whether this works.
The latest development is that Gigaloch have now published their latest annual accounts to 30th September 2025, which reveals that they have net liabilities of -£3.946m (vs -£2.735m in 2024) and the average monthly number of employees (inc. directors) during the period was 20, which is up from 19 a year earlier.
However, the most interesting detail can be found on page 9 of their accounts, where it states that the “liabilities written off following CVA” amounted to £1,575,090 on 24th July 2025. Quite what the future holds for Gigaloch is currently unclear, but then nobody ever said that rolling out FTTP into remote rural areas was either easy or cheap.
The past few years have seen many network operators come under pressure from competition, rising build costs and high interest rates.