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The fibre and fixed wireless access (FWA) specialist has struggled to attract customers to use its network at scale
Following a strategic review, alternative network provider Airband has begun a formal sale process.
Related documents were sent to prospective buyers this week, with the company seeking “the right long-term owner”.
It could also face debt restructuring, according to two anonymous sources speaking to the Financial Times.
“Following a strategic review of the business and its future ownership, Airband has commenced a formal sale process to identify the right long-term owner for the company,” a spokesperson told ISPreview. “Airband continues to operate and trade as normal throughout the process. Our network remains fully operational and there is no impact on customer services or day-to-day operations.”
Airband’s full fibre network currently covers around 175,000 premises and a further 265,000 are covered by FWA. Of this total footprint of around 440,000 premises, only around 30,000 premises are customers – far below the level the company would need to recoup the costs of its expensive network deployment in the short term.
Airband has been struggling to improve its position for years, with its first round of restructuring and job cuts taking place in 2024. More changes and redundancies were announced earlier this year, with the company claiming it was shifting its focus to “transitioning towards operational maturity, with a focus on long-term sustainability, enhanced customer experience and efficient delivery.”
Airband’s operating loss this year increased to £47.23 million, with total liabilities of over £224 million. Total assets were reported at £179.81 million.
Exactly who might purchase Airband remains unclear. The UK’s largest altnet, CityFibre, has long had ambitions of being the UK’s key fibre network consolidator, notably earmarking around £800 million of its £2.3 billion in fresh funding last year for M&A. However, the company has been facing its own financial challenges of late, largely related to its £3.7 billion in debt that was restructured in January.
Virgin Media O2 and its sister company nexfibre would be the next obvious choice, but these parties already have their hands full with the £2 billion acquisition of Netomnia.
At a time when altnets across the country are looking to make deals, finding a suitable partner could be a lengthy process.
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