City briefs: Fulcrum; Synectics; and more
Utility services business, Fulcrum, has today issued an update on the sale of its domestic customer gas connection assets and associated meters to ES Pipelines Limited (ESP)
The Group has confirmed the successful completion of tranche five of the domestic gas assets transfer to ESP, for a total consideration of £2.1m on 31 May 2022.
£2m of this was received in cash today – 1 June 2022 – with the retention balance of £0.1m expected to be received on 30 November 2023.
The total gross consideration receivable by Sheffield-based Fulcrum is expected to be about £49m. £30.7m has been received to-date, leaving approximately £17.9m to be received.
The arrangement with ESP also includes further milestone targets which, if achieved, would trigger additional enhanced payments of up to £3.8m over the remaining term of the contract.
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Security and surveillance firm, Synectics, has appointed Andrew Lockwood as an independent non-executive Director with immediate effect.
Lockwood has over 30 years’ experience of reshaping and growing technology, managed services and healthcare businesses and is currently chief executive officer of KCH Interventional Facilities Management (KFM), a provider of healthcare support services.
Prior to joining KFM, he was managing director of Capita plc’s international healthcare technology and services businesses, commercial director for data solutions at Daisy Communications Plc, interim chief executive officer at Retalika Limited, a SaaS business, and president and co-founder of Graphita Inc, a web 2.0 online and mobile media and entertainment business.
Previously, he had held various executive positions at Covad Communications, a provider of broadband and data services in the US.
He has also been senior vice president & general manager, wireless at Inktomi Corporation, a software provider for internet service providers, and held various positions at BT.
David Coghlan, chairman of Sheffield-based Synectics, said: “Andy has had a distinguished career, successfully growing enterprise software businesses with similar characteristics to Synectics’ core activities.
“He will bring considerable personal energy and very relevant experience to our oversight of the company’s future growth path.”
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Rotherham-based property business, Harworth Group, has appointed Marzia Zafar as a non-executive director.
Zafar will also join the company’s ESG Committee.
She is currently director of sustainability & policy at Kaluza Technologies and brings to Harworth a wealth of experience in sustainability, having spent over 20 years working on policies and strategies to enable energy transition for regulators, business and not for profit sectors.
In her previous role, she was director of insights at the World Energy Council (the UN- accredited global energy body) and worked with business and government leaders to facilitate global, national and regional energy strategies.
Prior to that, she spent 11 years with the California Public Utilities Commission, initially as a senior energy policy advisor, and then as director for policy and planning.
In this role, she contributed to drafting California’s Energy Action Plan to make greater use of renewable energy and led the strategy for the deployment of smart meters.
Alastair Lyons, chair of Harworth, said: “Bringing extensive experience and expertise in developing sustainable energy policies and strategies, Marzia will help us define how best to implement our plans to promote in everything we do the environmental and social elements that are embedded in our strategy and culture, in particular our route map to Net Zero Carbon.”
