TalkTalk Group has been in the news over financial issues. In June, there were reports of BT considering a takeover of the business following as it was supposedly in talks with potential buyers. Before this in late 2024, Openreach has concerns over unpaid debts and TalkTalk’s auditors Deloitte resigned. After this saga last year, additional funding has been agreed by Sir Charles Dunstone.
A fortnight ago, TalkTalk announced a new £100 investment in the business:
“The new facilities have been arranged in conjunction with a number of other actions, including approximately £50m of non core asset sales recently announced and amendments to existing debt facilities allowing interest to be capitalised, that will together enhance the group’s funding capacity by over £200m.”
TalkTalk Statement
This evening, TalkTalk has provided an update to confirm that in addition to the £100m funding by existing shareholders, that ‘other existing financial stakeholders’ have joined in which has increase funding to £120m. We’re not sure how it relates to the £200m referred to above. The company says it will be used to strengthen working capital and support investment into PXC and TalkTalk.
“The Group also confirms that more than 90% of its first lien creditors and approximately 87% of its second lien creditors have signed up to a support agreement to implement the transaction announced on 25th July.”
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In the first post above – did they really only get £100 of additional funding!!?
Now that the money has presumably been paid, I wonder when Openreach will let TalkTalk connect me to the Full Fibre network? They have recently put in the infrastructure just outside my front door, and I have had offers from both EE and Sky though still silence from my current provider.