Type Unknown Key people Elfed Thomas (CEO) Revenue Unknown | Industry Telecommunications Products Fibrecity Operating income Founded 2008 | |
Motto "Using the past to connect the future." | ||
H2O Networks, sometimes called the Water Networks, was a British telecommunications company who were supposed to be rolling out Fibrecity around the UK. They were formally part of the i3 Group.
H2O networks in their Fibrecity (Bournemouth) and Fibrecity (Dundee) guises ceased their builds in October 2010 stating that there would be a short delay due to company restructuring. Their installation contractors in both cities were laid off. As of January 2011 works have still not recommenced.
In January 2011 it was announced that there had been a management buy-out of the H2O Networks part of the i3 business, including Fibrecity, by the ex i3 Group CCO Greg Mesch, the new company is to be called City Fibre Holdings.
Revelations about the financial backing behind H2O Networks were released in February 2011. 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. Over £90 Million of this is apparently related to loans being used to finance H2O Networks. Four individuals were convicted in 2017 of conspiracy to commit fraud, and two acquitted.