Original article ISPreview UK:
Alternative network operator and UK ISP G.Network, which has deployed a gigabit speed full fibre (FTTP) broadband network across parts of London, has followed up last week’s report – that they’d been acquired by distressed debt specialist FitzWalter Capital (here) – by officially filing a Notice of Intention (NoI) to appoint an administrator.
The provider originally aspired to expand their Fibre-to-the-Premises (FTTP) infrastructure to cover 1.3 million premises in London by the end of 2026. But not unlike many other altnets, they’ve since been impacted by an increasingly competitive environment and rising costs (high build costs, high interest rates etc.), which resulted in job cuts and a greater focus on commercialisation instead of new fibre build (here). However, their efforts to commercialise will have faced some pressure from gigabit-capable rivals, such as Hyperoptic, CommunityFibre, Virgin Media (nexfibre) and Openreach (BT) in some of the same areas.
NOTE: G.Network’s latest annual accounts to March 2024 (
here) said their “
wholly-owned and hard to replicate FTTP ducted network” now covered 416,000 premises, of which 361,000 are said to be “
connectable under the Ofcom Connected Nations definition”. But an independent estimate in Sept 2025 put them closer to 255,100 as Ready For Service (
here), while reports suggest they’re home to just 25,000 customers.
Despite the challenges, the operator had continued to receive funding from long term equity investor Universities Superannuation Scheme (USS), including £85m in June 2024 (here). The company’s most recent accounts also reported an 85% increase in turnover to £10.2m in FY2024 and a gross profit of £7.3m (up 62%), with total assets of £453m (up from £394m). But they also suffered an operating loss for the year of £52.8m (down from £67.2m) and are estimated (Enders Analysis) to be carrying a net debt of over £300m.
Suffice to say that last week’s reported acquisition by FitzWalter Capital (FWC) made sense for a network that seems to be struggling to find a buyer for consolidation. As James Ratzer, Analyst at New Street Research, said: “Given the company’s losses, it is hard to see an obvious standalone business case. We presume the buyer is a short-term holder and would be keen to sell to another provider as soon as possible.”
The exact approach that FWC intended to take, with respect to tackling the company’s liabilities, didn’t become clear until Monday night when sources pointed ISPreview toward a new legal case (CR-2026-000171). In short, G.Network Communications Limited, via law firm Taylor Wessing LLP, has made a new application in the shape of a “Notice of Intention to appoint an administrator“. According to our sources, Alvarez & Marsal in London will take on the task.
Administration often occurs when a company, such as one that is in financial difficulty, is put into the hands of an administrator. The administrator then decides whether they can help the company to continue running or sell it off for a good price.
Once in administration, the company is often protected from legal action by people or organisations who are owed money (creditors). Administration can also mean that the company may not have to pay all its debts in full, but if deemed necessary, they can still be wound up.
The expectation here is that this may provide a way for FWC to sell the network and its customers to a new owner (consolidation). But it remains to be seen whether this will be a pre-packaged process (i.e. they may already have a new owner – likely a network consolidation partner in mind) or something more long winded.
ISPreview has contacted G.Network for comment and will update as soon as they respond.
UPDATE 10:22am
We’ve just received a statement from Alvarez & Marsal.
Richard Beard, Joint Administrator and MD of Alvarez and Marsal, said:
“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.
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 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 announcement noted how “G.Network’s capital structure has become unsustainable in recent years and in response, the Company has been exploring options with its stakeholders, including seeking new investors“, which is of course what led to the completion of the sale of its secured debt and equity to affiliates of FitzWalter Capital in early January 2026.
The Joint Administrators state that they’ve “secured sufficient funding for the administration process, which will enable the Company to continue to trade as normal and to connect new customers. They do not anticipate that there will be any adverse impact on customers“. The Joint Administrators will be marketing the business for sale in the “coming weeks“.
