UK alternative network provider (altnet) Spring Fibre has been sold to Harmony Networks for £1.5 million ($1.90m).

As reported by ISP Review, Leeds-based Harmony, a civil engineering and utility construction contractor, snapped up Spring Fibre from its administrators.

The sale follows reports last month by The Telegraph, that the Reading-based altnet was preparing to appoint administrators after failing to find a new backer.

Spring Fibre kicked off its fiber rollout back in 2021, starting in Lincolnshire, but has only passed 12,000 premises, ISP Review reports.

Spring Fibre was initially backed by Kingsley Capital Partners and telecoms specialist Graphite Strategy.

Further investment was promised from the infrastructure division of River Global, the merchant bank, which also pledged to invest up to £155 million ($195m) to fund the buildout of its fiber network. The firm had plans to cover more than one million premises.

“While we can confirm we’ve had a significant level of interest, including indicative offers for the business, we don’t today have an offer that provides the necessary liquidity in the time we have available,” Gareth Greppellini, the chief executive of Spring Fibre, said at the time. “Unfortunately, with this in mind, we have taken the difficult decision to file a notice of intention [to appoint administrators]."

The buyer, Harmony Networks Limited, was revealed on Friday (November 15) after its offer for the company was accepted.

FTI Consulting, which was appointed as the administrator, noted that Spring Fibre initiated an accelerated sale process, and had received three offers for its assets, including from Harmony Networks.

The asset purchase comprises intellectual property rights; plant and machinery; work in progress; business information; IT; stock; office equipment; and certain contracts.