Alvarez & Marsal Europe LLP were formally appointed as the joint administrators for G Network earier this week – customers have been told services will continue as normal for the time being
A UK broadband provider has officially gone into administration. G Network has been acquired by FitzWalter Capital after racking up around £300 million in debt.
The network provider, which has 25,000 customers supplies high-speed internet services for customers in the London area, according to The Sun.
On Monday, 12 January, Alvarez & Marsal Europe LLP were formally appointed as the joint administrators for G Network.
Richard Beard, joint administrator and MD of Alvarez and Marsal, provided an update on the broadband provider.
“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 said.
“Our appointment as administrators provides a platform for a restructuring, and we will work closely with the management team to create a sustainable business.”
He continued: “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 statement concluded: “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.”
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