H2O has been using the sewer connectivity for businesses - so it is possible that some of these were loss leaders in an attempt to stimulate the market, not unusual for a new business to sustain a loss.

Where £91m has gone - that is for accountants to figure out

I am no friend of H2O but the technology involved with running fiber through the sewer makes sense. It has been tested and seems to work and using sewers as an alternative to trenching is a great alternative. The idea of creating an "Open Access" network is especially appealing as it creates a competitive environment for providers within a community.

As far as the fraud and where all that money went - we will see as the investigation progresses. It is my understanding of the article that the Middle Man banker is the one that did the fraud. That being said - there is an ongoing investigation that also involves the principals of H2O. It will be interesting to see what the investigation finds.

In the event the owners of H2O were involved - they should spend a long time in jail just for screwing up this opportunity to create a truly competitive network alternative.

The idea of creating an "Open Access" network is especially appealing as it creates a competitive environment for providers within a community.

It also has a track record of failure to deliver providers that consumers are aware of, leaving networks floundering for customers. SYDR and others.

RIP www.fibrecity.eu

wonder if there assets will go up for sale?