G.Network confirms funding commitment from USS to underpin next phase of growth.
Company continues to deliver on strategic plan.
G.Network, London’s full fibre broadband provider, is pleased to announce it has agreed with USS, its long term equity investor, access to additional funding of £85m. This investment reflects the progress of the business against its growth and commercialisation strategy.
The business is performing well and successfully executing against its strategic plan of creating a better-connected London, delivering improvements in revenues, productivity and customer service:
Driving blended ARPU towards £50 due to the dense mix of affluent consumers and businesses served by G.Network’s unique Central London network
Delivering operational improvements that significantly reduce the time and cost to connect customers, resulting in an all-time high on Trustpilot of Excellent 4.5
Continuing the build programme which resumed in February 2024
Building wholesale partnerships with Cerberus Networks and Spitfire that offer products with speeds up to 10Gb
Looking ahead, the additional funding will enable G.Network to accelerate growth by making Gigafast speeds more accessible and affordable. Key areas of strategic focus will include developing the B2B retail and wholesale business and building more fibre network with our Strategic Partners such as Boldyn Networks. This network development will include fibre infrastructure to support small cells, CCTV and other smart city applications enabling a better-connected London. The company will also continue to make switching to fibre easy for customers by partnering with landlords and developers to pre-wire flats and office blocks across the network.
Kevin Murphy, CEO, commented: “It is an exciting time to be at G.Network as we continue to build momentum in terms of our operational and financial performance. Our vision to build a better-connected London is coming to fruition and would not have been possible without the ongoing investment and support of USS, who, along with the whole team, are looking to G.Network’s future with confidence”.
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Teneo: James Macey White, Zoë Watt