# Broadway Fibre LLP (OC440658)

> Why UK company OC440658 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/OC440658

- **Status:** Administration ended
- **Administration began:** 2023-05-31
- **Administrators:** Benjamin Dymant, Daniel James Mark Smith
- **Administrators' firm:** Teneo
- **Incorporated:** 2022-01-17
- **Location:** Birmingham

## 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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/OC440658/filing-history/MzM4NjkzNTYzNWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/OC440658

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.