A major broadband provider serving the capital has fallen into administration, placing the internet services of 25,000 London homes in a precarious position. G Network, which built a high-speed full-fibre network across the city, has been acquired by specialist firm FitzWalter Capital after accruing debts of approximately £300 million.
Administrators Take Control Amidst Massive Debt
On Monday, 12 January 2026, Alvarez & Marsal Europe LLP were formally appointed as joint administrators for the troubled company. The firm was taken over from its previous owners, the USS pension fund and Cube Infrastructure Managers, with FitzWalter Capital assuming control of the secured debt, which totals the staggering £300 million figure.
Richard Beard, Managing Director at Alvarez & Marsal and joint administrator, moved quickly to reassure customers and staff. "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," he stated.
Uncertain Future for Network and Employees
Beard acknowledged the anxiety the situation would cause for the company's workforce, promising to keep them updated throughout the restructuring process. He highlighted the company's assets, describing a "robust network and a strong customer base," and openly invited interested parties to come forward to acquire the business.
The scale of G Network's challenge is revealed in conflicting figures about its reach. While the company's latest annual accounts to March 2024 claimed its network passed 416,000 premises, with 361,000 deemed connectable, an independent estimate from September 2025 suggested the ready-for-service figure was closer to 255,100. The Sun newspaper reported the actual customer base sits at just 25,000.
Analysts Question Long-Term Viability
Industry experts have cast doubt on the firm's ability to survive as a standalone entity. James Ratzer, an analyst at New Street Research, commented: "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 administration provides a platform for a financial restructuring. The administrators have pledged to work with management to build a sustainable operation, but the future of London's competitive broadband market now hinges on finding a new, stable owner for the beleaguered G Network infrastructure.
