New York based advisors Perella Weinberg Partners have been enlisted to test the market
KCOM offices in Carr Lane, Hull city centre
The owner of major Hull employer KCOM has appointed new advisors in the US in fresh efforts to sell the business. Hull based KCOM, which has around 1,500 employees, was snapped up by Australian investment firm Macquarie Asset Management in a £627m deal back in 2019, and it remains an independent operator within the region.
Two years ago – KCOM’s 120th anniversary year – Macquarie appointed advisors PJT Partners to carry out a strategic review as it mulled a potential sale or merger of the full fibre network business. At the time, it was understood that a sale was being mooted as KCOM had started to see more competition from new network companies.
Now, with no final decision made since advisors at PJT Partners were enlisted, Macquarie is understood to have drafted in new business advisors Perella Weinberg Partners (PWP). The New York firm is described as a leading independent, elite boutique financial services firm, specialising in advisory services for mergers and acquisitions, restructuring, and capital raising.
It is understood that a sales process is now under way, with PWP looking to test the market and speak to potentially interested buyers. It has been reported that lenders are pushing Macquarie Asset Management to recoup as much of their investment of the business as possible.
It is believed PWP will officially market the firm to potential buyers in the second quarter of 2026. When KCOM was bought in 2019 Macquarie – former owner of Thames Water – saw off a rival bid from pension fund Universities Superannuation Scheme (USS).
Founded in 1904 as Kingston Communications, KCOM started out as the telephone department within the Hull Municipal Corporation. Over the years it has evolved and transformed, yet it has long held its own monopoly in Hull, where even the telephone boxes have been different to every other town and city with their distinctive cream colour.
It has the unique standing as the only UK city not served by BT’s Openreach network after it refused to merge with other regional providers during the formation of the former telecoms monopoly.
It was listed on the London Stock Exchange but delisted following Macquarie’s acquisition. The arrival of independent full-fibre broadband networks – including Cityfibre and Connexin – has challenged its position in Hull, and it has also started to open up its network to more third-party internet service providers.
KCOM declined to comment. Macquarie Group has been approached for comment.
News of a potential future sale comes weeks after KCOM announced the appointment of a new company leader. Richard Schäfer has now been appointed as its permanent chief executive, having initially joined in February 2025 as its chief finance officer, and stepping up as interim CEO seven months ago.
KCOM chairman Richard Greenleaf said: “We’re grateful for Richard stepping into the CEO position last year. His commercial background, financial acumen, deep understanding of telecoms and his passion for delivering KCOM success make him the right person to take the company forward.”