UK alternative network provider (altnet) G.Network has exited administration.

The fiber company announced this week that it is now debt-free following a restructuring that sees David Sangster, original co-founder of G.Network, returning to the business as CEO.

Founded in 2016, G.Network’s network spans some 420,000 homes in London, but has just 25,000 customers.

After filing for administration earlier this year, the company was then acquired by FitzWalter Capital, which has now taken the business out of administration.

G.Network noted in its announcement that the company “moves forward on a debt-free, well-capitalized, growth-oriented footing.”

“G.Network has always had an outstanding network at its core, and a dedicated team, many of whom have contributed to the creation of the business,” said Sangster. “G.Network continued to grow during its short period of administration, and now that period is over, we can build on those foundations. We are looking forward to bringing our unrivaled asset and outstanding service to our partners and customers in London.”

Sangster has more than two decades of UK telecoms experience. Aside from co-founding G.Network, he has also held senior roles at Cable & Wireless, where he ran the UK and European service provider business, and at Airwave.

Andrew Gray, partner at FitzWalter Capital, added: “G.Network enters this next chapter debt-free and well capitalized, with a team that has delivered strong operational performance. We look forward to partnering with David and the entire G.Network team to accelerate the commercialization of the network and establish G.Network as a leading challenger in UK fiber.”