0 results

Getting a quote from us is easy

Apply for a quote online Request a call back

Fulcrum, a leading UK multi-utility infrastructure and services provider, has today announced it will receive £5 million following completion of the latest part of the sale of its domestic customer gas connection assets and associated meters to E.S. Pipelines Ltd (ESP). It also confirmed that the value of the agreement has been enhanced by the company securing a number of contracts in the housing sector and, because of this, Fulcrum will receive £4.7 million in cash on 30 November 2020 with the remaining amount expected to be received on 31 May 2022.

This follows the first payment of £17.5 million received under the asset sale, which was agreed in December 2019, and further supports Fulcrum’s growth strategy to expand its operations in the design, installation and management of multi-utility connections in the domestic housing and Industrial & Commercial sectors.

The asset sale arrangement also provides Fulcrum with the opportunity to receive additional payments from ESP of up to £4 million, over the remaining term of the contract, if certain milestones are achieved for new domestic connections secured in the period to 31 March 2025. 

The first milestone payment has been triggered by Fulcrum winning new utility  connections projects for a series of housing developments across the country. As a result of achieving the first milestone, Fulcrum estimates the value of the asset sale will increase by approximately £1 million, to a total of £49 million.

Daren Harris, Fulcrum CEO, said: “I am very pleased to confirm the achievement of the first enhanced payment milestone, resulting from a strong series of new housing contract wins, and the amended arrangements with ESP which will provide certainty of the timing of cash inflows and thus enhance our cash planning.

“The asset sale has significantly strengthened Fulcrum’s balance sheet and aids our strategic growth ambitions, and the enhancement to payments will further support this. Our relationship with ESP also continues to progress strongly and is delivering improvements in Fulcrum’s capabilities across all segments of the market.”

Getting a quote from us is easy

Simply apply online or request a call back. If there's anything you're not sure about, we're here to help - just call us on on 03330 146 466.

Call us

08447 400 076

Electricity Emergencies Electricity Emergency?

Call us Call: 0808 164 4714

Chas LR NERS Construction Line Gold Acclaim SSIP Safe Contractor ECA UVBD LR ISO 14001 LR ISO 9001

Need to discuss your project?

Get in touch today so we can discuss how we can support your project. Simply contact us or request a call back.

Request a call back Contact us