 In January 2011 it was announced that there had been a management buy-out of the H2O Networks part of the i3 business, including Fibrecity, by the ex i3 Group CCO Greg Mesch, the new company is to be called City Fibre Holdings.Revelations about the financial backing behind H2O Networks were released in February 2011.H20 was one of ten companies used by Stephen Dartnell and his co-conspirators to fraudulently obtain over £250m, with H20 the biggest victim, with an amount of over £160m.