Original article ISPreview UK:Read More
The administrators for alternative UK rural broadband network Airband, which was recently acquired by Voneus (full summary), have published a report that reveals the financial details of the deal. Strikingly, it states that Voneus, which was the only bidder, paid just £4.6m for the company’s assets and customers.
According to the administrators report, Airband had been struggling for a number of years and its attempts to restructure the business in 2024 did deliver improvements, yet the company continued to struggle with losses and cash consumption. The company ended up advising their Lenders in June 2026 that the Aberdeen Group was “unable to continue funding the business“, which we already know is what kicked off the sale process.
However, only a single offer was received that was deemed “capable of being delivered within the time available” (i.e. the Voneus offer) and this was accepted. The sale was then handled through an administration process, which resulted in a consideration of £4.6 million being paid in full on completion. The shareholders of Voneus also agreed to pay a contribution to the Company’s costs of £550,000. A total of 135 Airband employees have been transferred (TUPE) to the new owner.