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G.Network has reportedly been sold to a distressed debt specialist, having failed in a years-long effort to secure an industry buyer.
The move comes amidst much discussion of the state of play for UK fibre builders, many of whom are struggling due to rising build costs and interest rates, while simultaneously competing for customers.
FitzWalter Capital has picked up G.Network in a move triggered by its lenders, the Financial Times reported this week, citing unnamed sources. The paper lists Universities Superannuation Scheme (USS) and Cube Infrastructure Managers as its shareholders, and NatWest, Investec and Santander amongst its creditors; the latter are expected to take a financial hit as a result of the sale, it noted.
