Richard Beard and Rob Croxen of Alvarez & Marsal Europe LLP were today named joint administrators of G.Network Communications Limited. The company will continue to trade as normal, with services delivered to both existing and new customers across central London.

Founded as a challenger to incumbent connectivity providers, G.Network has built and operates its own proprietary fibre optic network serving residential, business and infrastructure customers in the capital. The administrators said there is no anticipated adverse impact on customers, with network operations and service standards maintained during the administration process.

G.Network’s move into administration follows a period of financial strain. Its capital structure had become unsustainable in recent years, prompting the company to explore a range of options with stakeholders, including the search for new investment. That process led to the sale of its secured debt and equity to affiliates of FitzWalter Capital earlier this month.

Alvarez & Marsal said it has secured sufficient funding to support the administration, allowing the business to continue operating and connecting new customers while longer-term options are assessed. The joint administrators will now begin marketing the business for sale in the coming weeks.

Richard Beard, joint administrator and managing director at Alvarez & Marsal, said the appointment provides “a platform for a restructuring” and stressed that the fibre network will continue to operate without interruption.

“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,” Beard said. He added that the business benefits from “a robust network and a strong customer base” and invited interested parties to come forward.

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