Utility solutions firm sells assets
Sheffield-based Fulcrum is to sell its domestic customer gas connection assets for £33m.
ES Pipelines has purchased the assets, which include the order book and associated meters. The sale will support the company’s strategy to grow its multi-utility infrastructure and services.
The company will use the investment to continue to grow its position in the housing and industrial and commercial (I&C) multi-utility infrastructure and metering markets to further bolster its increasing order book, as reported in its current interim half year results.
In the six-month period ending 30 September 2019, Fulcrum has seen its order book increase by 3.7 percent to £62.6m.
The firm believes its housing activity will be further enhanced by the new partnership with ES Pipelines, and that it will continue to add I&C assets to its portfolio.
Philip Holder, Chairman of Fulcrum, said: “The sale of our domestic gas utility assets to ES Pipelines presents the opportunity to focus on our activities in key growth markets. This is part of our core growth strategy, which includes the design and build of utility connections, as well continuing to adopt assets in the traditional I&C market where appropriate.
“There continue to be significant opportunities in strategically important markets, and these should increase with the improved political and economic certainty following the General Election.”
