H20 Networks: Difference between revisions
Biggleswiki (talk | contribs) Created H20 article as the 'O' in the title page is mean to be the number '0'. A redirect has been put in place. |
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Revision as of 10:09, 8 June 2011
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| Company type | Administration |
|---|---|
| Industry | Telecommunications |
Key people | Administrators at PwC |
| Products | Dark Fibre Optic Networks |
| Revenue | N/A |
| N/A | |
Number of employees | N/A |
| Parent | CityFibre Holdings |
| Website | www.h2onetworksdarkfibre.com |
H20 Networks was put into administration in April 2011 [1] by CityFibre Holdings, who bought the business in January 2011 and KBC Bank. H20 Networks was formally part of the i3 Group which also owned Fibrecity Holdings. [2]
Acquisition
In January 2011 it was announced that both H20 Networks and Fibrecity Holdings, the latter had been rolling out fibre to the home network in Bournemouth and had plans to roll out in Dundee, had been aquired by a new company called CityFibre Holdings.[3]
The new owners included Greg Mesch, who is also Non Executive Director of EuNetworks Group, a public-listed metro based fibre optic operator in 13 major metropolitan markets around Europe; and Mark Collins who was founder of Equador Consulting, a firm specialising in the development of early stage telecoms companies including Esat Telecom, Versatel Telecom, NTL and Completel. [4] [5]
Investigation
Revelations about the financial backing behind H2O Networks were released in February 2011. [6] Total Asset Finance, the backers, are now subject to an investigation by the Serious Fraud Office and, allegedly, currently owe a Belgian bank over £130 million.[7] Over £90 Million of this is apparently related to loans being used to finance H2O Networks. [8]
CityFibre Holdings now owns all the assets which includes more than 120 contracts with UK companies and public sector bodies including police forces and local authorities as well universities.[9] It also owns eight metro fibre rings including one that has just been completed with partner, Pinacl for City of York Council. [10]