FREEDOM FIBRE LIMITED

• ◆

  3 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors are confident that sufficient funding is available. They have also considered the company's ability to preserve capital if required through a slowdown or pause of adding new customers to the network. The Santander facility has been extended to 30 April 2027 and the lender has recourse to a letter of credit provided by an InfraBridge fund. The group has received a letter of support from its largest and majority investor (InfraBridge), providing an undertaking that a shareholder loan dated 3 June 2025 will provide up to £35m in further funding, providing immediate capital in several tranches to fund the operating cash requirements of the business and to fund the repayment of the Santander facility and backstop the letter of credit. As the committed funding is sufficient to cover the 12-month period the directors have deemed the company to continue under the going concern basis.”

Group structure

1. FREEDOM FIBRE LIMITED · parent
   1. LilaConnect Limited 100% · England
   2. VX Fiber Limited 100% · England

Significant events

• “Following regulator approval, on 26 March 2024, Freedom Fibre acquired 100% of the issued share capital of InfraBridge backed VX Fiber Limited (VX UK) and LilaConnect Limited (LilaConnect).”
• “As part of the strategic merger, the Equitix loan note facility and accrued interest has been converted to ordinary shares.”
• “The new business will be operated under two divisions a wholesale business comprising of the former FFL and VX network along with wholesale customer base and a retail business comprising the former LilaConnect company.”
• “Post merger integration of the wholesale business has gone according to plan with organisational alignment completed within the first few months and technical network integration completed ahead of plan in the first half of 2025.”
• “Freedom Fibre secured an extension to its external debt facility with Santander to 30 April 2027.”
• “On 21 May 2024, Freedom Fibre was awarded a BDUK government contract to the value of £43 million. It was agreed with BDUK in March 2025 that Freedom Fibre would exit from the contract by mutual agreement prior to commencement of build phase without penalty and both parties bearing their own costs to date.”
• “In February 2025, the group completed a corporate legal restructuring to accommodate future funding & debt financing. The restructuring resulted in the incorporation of two companies, Freedom Holdco 1 Limited and Freedom Holdco 2 Limited.”
• “On 24 April 2025 the group announced a group wide redundancy scheme as part of a change in operating model from network build to commercialisation and profitability. The redundancy programme is expected to complete in July 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

3

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +621.7%

  £623,185 → £4,497,753

• Cash

  +378.7%

  £1,955,916 → £9,362,813

• Net assets

  +1,390.3%

  £12,812,305 → £190,945,805

• Employees

  +6.4%

  203 → 216

• Operating profit

  -173%

  -£8,331,211 → -£22,743,748

• Profit before tax

  -100.5%

  -£12,650,624 → -£25,360,669

• Wages

  +14.6%

  £10,241,296 → £11,733,408

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers