Gigaclear, a leading broadband provider in the UK, is facing imminent collapse as it struggles with debts exceeding £1 billion. Despite having a customer base of over 160,000, the company has encountered financial challenges after failing to attract potential buyers.
Creditors are stepping in to address Gigaclear’s financial woes, which stem from a reported lack of funds following an expected cash injection from shareholder Equitix in 2023. Initially praised for its innovative approach in establishing a full-fibre network in rural England, Gigaclear’s ambitious plans have faltered in a fiercely competitive market.
Notable creditors, including the National Wealth Fund and major banks like NatWest and Lloyds, are poised to assume control of the financially strained broadband provider. However, Gigaclear’s CEO, Nathan Rundle, remains optimistic about securing £80 million in new funding to expand network coverage to one million UK households.
Acknowledging the challenges ahead, a Gigaclear spokesperson emphasized ongoing collaboration with stakeholders to explore viable solutions for the company’s long-term viability and mutual benefit.