Gigaclear, which is focused on delivering broadband to rural communities and is based in Abingdon, has spoken out after an ex holding company went into liquidation.
Liquidators were appointed for Gigaclear Topco Limited on September 24, 2026 with a subsequent call being made for creditors to make themselves known before October 23.
The company is no longer related to Gigaclear, which has around 600 employees and more than 180,000 customers, with the business making clear that this news will have no impact on either group.
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A spokesperson said: “The liquidation of Gigaclear Topco Limited has no impact on Gigaclear Limited, our approximately 600 colleagues or our more than 180,000 customers, whose service continues as normal.”
They added: “Gigaclear Topco Limited is a former holding company and has not been part of the Gigaclear group since our recapitalisation completed on 8 April 2026.
“At that point, ownership of Gigaclear Limited, the operating company, transferred to a consortium including the National Wealth Fund, ABN AMRO and NatWest.”
Engineers for Gigaclear Ltd (Image: Daniel Lewis)
A holding company is a corporate entity that generally does not sell goods or services but instead owns a share of stock.
The recapitalisation – which is the process of restructuring a company’s debt or equity – was widely reported on at the time.
The Telegraph said that taxpayers lost almost £100 million in the process through the involvement of the taxpayer-backed National Wealth Fund.
The paper said that backers were forced to write off £388 million of their loans as part of the deal.
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The National Wealth Fund committed £240m in debt to Gigaclear during a wider fundraising round in 2023, suggesting it has suffered a £96m loss.
The public body was then named as Gigaclear’s largest shareholder.
Gigaclear has said that the process strengthened its “financial position” so that it will be cash flow positive in 2027, meaning it takes in more actual money than it pays out during a specific time.
The spokesperson said: “The recapitalisation strengthened our financial position and provided a fully funded business plan to support long-term, sustainable growth.”
Gigaclear is based in Abingdon and has been designing, building and operating new gigabit, full fibre networks since 2010.
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It claims it has established itself as the largest rural, full fibre alternative network (altnet) in the UK employing more than 600 people and serving 170,000 customers across 26 counties.
It describes itself as “the UK’s leading rural altnet” and has also provided funding for a number of local organisations including Bicester and North Oxford Cricket Club, and Witney Rugby Club.
The latter was given the money by the Gigaclear Rural Sports Club Fund, which aims to support teams in rural communities across the Abingdon-based broadband company’s full fibre network.
Among the fund’s backers was former England international cricketer Darren Gough, who said it was “great to see so much kit and equipment being sent out to rural sports clubs”.
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