Spring Fibre is preparing to appoint administrators after failing to find a new backer.
In September, an annual report filed with Companies House stated: “The directors have received a notification from the principal investor in the company that they will not continue to fund its network construction plan and meet its continued operational expenditure.”
The altnet provider had previously raised more than £150 million to build an FTTP network that initially targeted areas in Lincolnshire.
Gareth Greppellini, CEO, Spring Fibre, commented, “While we can confirm we’ve had a significant level of interest, including indicative offers for the business, we don’t today have an offer that provides the necessary liquidity in the time we have available. Unfortunately, with this in mind, we have taken the difficult decision to file a notice of intention.”
Greppellini (pictured above, third from right) joined the company in September 2023, with a new chief finance officer, Sarah Herriman, appointed two months later. Herriman (pictured above, third from left) was tasked with optimising financial performance and shareholder value.
In July of this year, Spring Fibre announced a partnership with wholesale full fibre distributor Triangle Networks.