Private equity firm seeks £300 million payment waiver from BT in TalkTalk rescue

A private equity firm called Epiris has asked BT Group to cancel around £300 million that TalkTalk owes to Openreach, BT's network division. Epiris wants to buy TalkTalk's wholesale broadband business, known as PXC, and the debt write-off is part of rescue talks in October 2026.

TalkTalk has been in serious financial trouble for some time. The company carries £1.2 billion in debt and only avoided collapse in 2025 because shareholders put in £235 million. Its customer numbers have been falling, and Openreach has threatened to stop TalkTalk from adding new customers because of unpaid bills.

If BT bought TalkTalk instead, it would control about 36% of the UK broadband market. Regulators would almost certainly examine that deal very carefully.