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Alternative UK network operator and ISP G.Network, which has deployed a gigabit speed Fibre-to-the-Premises (FTTP) broadband network across parts of London, has reportedly instructed bankers at Jefferies and Nomura to engage with potential buyers for the business again.
The operator originally held an aspiration to expand their fibre network to cover 1.3 million premises in the city by the end of 2026. But like many other altnets they’ve since been impacted by an increasingly competitive environment and rising costs (i.e. high build costs and high interest rates). At the end of last year this resulted in another round of job cuts and a greater focus on commercialisation, instead of new fibre build (here).
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” (up from 330k last year). But an independent estimate in March 2025 put them closer to 252k as Ready For Service (here).
Despite the challenges, the operator has continued to receive funding from long term equity investor USS, including £85m in June 2024 (here) and “up to an additional” £150m (here) in July 2023. But it remains unclear how much extra funding USS might be willing to pump into G.Network in the future.
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According to G.Network’s most recent accounts (here), the company saw turnover increase by 85% 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 a loss of £67.2m in the prior year). The switch in strategy toward commercialisation should help a bit.
Suffice to say that it shouldn’t come as too much of a surprise to read in the FT (paywall) that the provider’s banks – Jefferies and Nomura – have allegedly been contacting as many as ten other alternative network (altnet) providers over the past week to gauge their interest in a potential takeover.
G.Network reportedly attempted something similar last year (here), albeit without success. We suspect it may not help that they’ve already been partly overbuilt by Hyperoptic and CommunityFibre, which are much bigger players in London’s altnet space, alongside the established giants of Virgin Media (nexfibre) and Openreach (BT).
Residential customers of G.Network typically pay from £22 per month for a 300Mbps (100Mbps upload) service on a 24-month term with free installation, which rises to £28 for their 900Mbps (300Mbps upload) plan or £39 if you want symmetric speeds on that tier. Shorter 12 and 1 month contracts are also available, albeit at extra cost.
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