G.Network raises £150m of investment and makes significant new appointments.
G.Network raises £150m of investment
Positive start to the next phase of its growth strategy
Depth and breadth of management increases with key appointments
G.Network, London’s full fibre broadband provider, is pleased to announce that USS, its principal equity investor, is providing investment of up to £150m to accelerate the next phase of growth.
Alongside this substantial investment, G.Network is delighted to announce the appointment of industry leading executives that both strengthens the leadership team and supports the execution of the next exciting phase of the G.Network strategy.
Substantial investment in G.Network
The recently completed strategic review places both the customer at the heart of G.Network and the business on an accelerated path to profitability. Management is pleased with the significant improvements already achieved in productivity, revenues, and customer service, and encouraged by the ongoing momentum across the business.
In accelerating this next phase of growth, USS, who are one of the largest pension schemes in the UK, is providing investment of up to an additional £150m. This will drive revenue growth and the build out of G.Network’s unique central London network.
Senior Executive Appointments
G.Network is delighted to have attracted top telecom and technology talent to support the execution of the next phase of the growth strategy of the business. Joining the business are Jon Hurry as Chief Commercial Officer; Carl Grose as Chief Operating Officer; and Rod Day as Chief Financial Officer who replaces Simon Kilonback.
Jon Hurry joins G.Network having spent over 15 years at BT Group where he held senior executive roles in commercial, marketing, product strategy and transformation. These roles included MD, Product Strategy & Portfolio; MD, Customer Commercial & Propositions at Openreach and Director of Commercial at BT Consumer. Prior to BT, Jon worked in the UK Cable industry at both ntl and Telewest and has a proven track record in driving growth, delivery, and commercialising telecom infrastructure.
Carl Grose is a telecoms industry leader, successfully delivering multi-billion pound programs across the UK. Carl has worked at Arqiva, Virgin Media, Cable & Wireless, Openreach, Unilever and Unigate where he has held Director roles in Network Operations, Partner Management and Infrastructure Transformation. During the startup and scaling phase of UK Cable, Carl led the northern franchises for all build, operations, sales and P&L for the growing CATV and broadband networks.
Rod Day joins G.Network as the new Chief Financial Officer with over thirty years of senior finance and strategy experience primarily in retail, on-line and business services sectors. He was CFO of AOL Europe and Iron Mountain Inc, the global information management company where he was also responsible for M&A and real estate investment. He has also worked in an advisory capacity to various private equity funds. With phase one of the transformation and growth strategy successfully completed, Simon Kilonback is moving to join SGN as Chief Financial Officer. Simon will help lead SGN through the next regulatory cycle and prepare the business for the transition to a fully decarbonised gas network.
Kevin Murphy, Chief Executive, commented:
“I am delighted with today’s announcements and the continued investment and support from USS which underpins our growth strategy and illustrates their confidence in the opportunities we have ahead.”
“Being able to attract executives of the calibre and track record of Jon, Carl and Rod is a great reflection on the business that we are building at G.Network and I have no doubt that they will all make an invaluable contribution in the next phase of our growth strategy and beyond.”
“On behalf of G.Network, I would like to thank Simon for everything he has done as Chief Financial Officer and we wish him well in his new exciting role.”
Enquiries:
Teneo +44 (0) 207 353 4200 / g.network@teneo.com
James Macey White or Tom Davies