Broadway Partners Limited (07702073): administration
- Status
- Administration ended
- Administration began
- 2023-05-31
- Administrators
- Benjamin Dymant, Daniel James Mark Smith
- Administrators' firm
- Teneo
- Incorporated
- 2011-07-12
- Location
- Birmingham
- Industry
- 61100 Wired telecommunications activities
Why it went into administration
- Cash flow / liquidity pressure
- Rising costs / inflation
- Property / lease costs
- Rising interest rates
- Competition / price pressure
From the administrators' statement
The Alt-net sector has been facing a wide range of challenges over the last 12 months, including increased competition, rising interest rates and higher build costs due to inflation.
As set out on page 6, Magnus acquired the business in 2021 and also provided debt facilities totalling £145m, which could be drawn down subject to certain milestones being achieved. This provided the business with the required funding to accelerate the rollout of broadband to rural areas of Wales and Scotland.
Despite having successfully connected a range of outlying communities to its network, BPL struggled in the face of adverse market conditions. This resulted in a slow-down in their ability to build new connections and secure the customer base needed to satisfy the milestones and continue to drawdown on its debt facilities.
Administrators' statement of proposals (2023-07-31) · Companies House register