UK AltNet Tracker 2026

Why we publish this

UK altnet build is the most significant change to UK fixed-line broadband infrastructure since the BT Openreach FTTC programme in the 2010s. More than 100 operators have built or are building XGS-PON full-fibre networks alongside the Openreach incumbent, with combined funding well into eleven figures and combined premises-passed counts running into the tens of millions. Yet there is no single free public source that tracks the leading 30 operators in one place, with consistent definitions, on a quarterly cadence. This is that source.

We publish the UK AltNet Tracker free because the SearchSwitchSave Group already operates a verified consumer broadband network (BroadbandSwitch.uk DR 74, Fibreswitch.com DR 73, UKSpeedTest.co.uk DR 73, SearchSwitchSave.com DR 72) and we believe better public data makes UK altnet competition healthier. If you cite this tracker, please link to the UK AltNet Tracker page on FBRE.uk.

Headline UK altnet market

The tracker

Sortable, readable summary of the 30 tracked operators. Click an operator name for the full profile with regional build notes and partnership routes.

What is moving in 2026

Altnet consolidation is now live, not pending. On 18 February 2026, nexfibre Networks Limited (a joint venture of InfraVia Capital Partners, Liberty Global and Telefónica) agreed to acquire Substantial Group (Netomnia, YouFibre, brsk) at a £2 billion enterprise value, with Virgin Media O2 taking the YouFibre and brsk retail brands for £150 million on completion. Liberty Global states the deal will unlock £3.5 billion of further investment in the UK market. Completion is expected in Q3 2026 subject to CMA clearance (nexfibre, 2026; Competition and Markets Authority, 2026).

AllPoints Fibre Networks (APFN), backed by Fern Trading and Octopus Investments, has pivoted to a wholesale-only model via its aquila platform, which aggregates Openreach, BT Wholesale, CityFibre and APFN's own networks across approximately 19 million premises (AllPoints Fibre Networks, 2025). Macquarie Capital's consolidation play is Voneus, which absorbed SWS Broadband, Cadence Networks and Broadway Partners in September 2023 (Macquarie Group, 2023).

Funding rounds in the past 18 months have favoured operators with proven take-up: CityFibre secured a £2.3 billion package in July 2025 (£500 million equity and a £1.76 billion combined debt and accordion facility) backed by Antin Infrastructure Partners, Goldman Sachs Alternatives, Mubadala and Interogo, and reported 730,000 customers at Q3 2025 (CityFibre, 2025).

On take-up, the standout pattern is that rural altnets (Gigaclear, B4RN, Wessex Internet) consistently achieve higher take-up rates than urban altnets, because the alternative for rural households is FTTC at 20-40 Mbps rather than gigabit Openreach FTTP. In urban markets, take-up is held back by overbuild competition with Virgin Media, Openreach FTTP and other altnets in the same streets.

On funding, the UK altnet sector has attracted more than £8 billion in committed equity and debt across the tracked operators. Largest named backers include Antin Infrastructure Partners, Goldman Sachs Alternatives, Mubadala and Interogo (CityFibre); KKR (Hyperoptic); Warburg Pincus, DTCP, Railpen and NDIF (Community Fibre); DigitalBridge, I Squared, Palistar, Bain and RMB (Substantial Group); InfraVia, Liberty Global and Telefónica (nexfibre); Fern Trading and Octopus Investments (AllPoints Fibre, Jurassic Fibre, Swish Fibre); Infracapital, Equitix and Railpen (Gigaclear); Macquarie Capital, Tiger Infrastructure and Israel Infrastructure Fund (Voneus); Northleaf Capital Partners (Quickline); Asterion Industrial Partners (MS3); abrdn (Airband); CPP Investments (Boldyn); Astatine Investment Partners (Glide); Foresight Group (Connect Fibre, Lightning Fibre, F&W Networks); Macquarie European Infrastructure Fund 6 (KCOM, Trooli); and USS / FitzWalter Capital (G.Network, post January 2026 sale).

Definitions

Premises passed: the number of UK premises (residential plus commercial) where the operator's physical infrastructure can technically reach with reasonable engineering.

Premises ready for service (RFS): the subset of premises passed where service can be ordered and installed without further build work. RFS is always lower than premises passed.

Customers: the number of paying retail subscribers, expressed at the most recent operator-published trading update.

Take-up rate: customers divided by premises ready for service, expressed as a percentage. Rural altnets typically achieve 20-30 percent; urban altnets typically 5-15 percent because of overbuild competition.

INCA membership: whether the operator is listed as a member of the Independent Networks Cooperative Association (INCA), the trade body for UK altnets.

Methodology

Data points are compiled from operator-published trading updates, press releases, INCA member directory, Ofcom Connected Nations and Project Gigabit publications, Companies House filings, and public investor disclosures. Numbers are rounded conservatively where operator-published figures have ranges or qualifications. Where commercially confidential or not-yet-published, the cell is marked "data pending" rather than estimated.

This dataset is updated quarterly. The version date appears on every operator profile and on this hub. See methodology for full sourcing detail.

How to cite this page

You may reuse this dataset under CC-BY-4.0. Copy the citation below and add the date you retrieved it if you publish later than the refresh shown above.

SearchSwitchSave Group. (2026). UK AltNet Tracker 2026. FBRE.uk Research. Data current to 24 May 2026. https://fbre.uk/research/uk-altnet-tracker

Journalists and analysts: email hello@searchswitchsave.com with subject "Press enquiry AltNet Tracker" for source-level detail or commentary. For a CSV, use hello@searchswitchsave.com with the dataset name.

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