Alternative network operator Broadway Partners, which has been deploying their own gigabit-capable 'Fibre-to-the-Premises' network across rural Pembrokeshire, has been forced to call in the administrators.

Supported by a significant investment of £145m from London-based sustainable investment manager Downing LLP, Broadway was ultimately aiming to cover 250,000 premises with its new full fibre network by around 2028.

Until recently, most of its deployments had been confined to smaller rural communities across different Wales and Scotland. But only around 20 per cent of that £145m figure has so far been invested.

Local areas which have received full fibre networks from the company include Ambleston, Dale, Wolfscastle, Spittal, Wiston and Crymych.

Several other builders of new full fibre networks are reported to be struggling financially as a result of rising costs, aggressive competition from rivals and the related need to secure a viable level of take-up by consumers.

The company has officially appointed Teneo Financial Advisory as its administrator however the changes aren’t yet visible on their Companies House records, which may take between one and two weeks to complete.

“Despite having successfully connected a range of outlying communities to its network, Broadway has not been immune to the impact of these issues," sid Teneo join administrator Benki Dymant.

“As a result, it’s been necessary to file for administration to facilitate a restructure of the business and provide a stable platform to affect a sale.”

The operator is now hunting for a buyer. This could be assisted by the fact that their existing FTTP deployments don’t currently suffer from too much overbuild by gigabit-capable rivals. The company is also understood to have enough money to keep it going through the administration process.

“The necessary funding is in place to guarantee service to its existing customer base, connect new customers to the existing network coverage and quality assurance,” said Teneo.

Companies which may express an interest in Wales are Ogi, Netomnia and nexfibre (VMO2). Openreach is another possibility, however this company doesn’t usually go in for consolidation.

According to Teneo, Broadway has 971 fibre customers, 1,121 Fixed Wireless Access customers and employs 137 staff.