10th October 2013
Fulcrum Utility Services, the only independent utility connections company covering the whole of Britain, has today announced the sale of 31,000 domestic and mixed-use customer gas connection pipeline assets managed by their subsidiary, Fulcrum Pipelines Limited, for a seven figure sum in cash to Independent Gas Transporter ES Pipelines Limited.
The sale, approved by Ofgem, provides a significant cash injection into Fulcrum, providing a platform for the delivery of its growth strategy. Fulcrum Utility Services will retain its industrial and commercial customer gas assets together with its independent gas transporter licence.
Martin Donnachie, Chief Executive Officer, said: "The sale represents another milestone for the business, and supports our focus on future growth. Moving forward Fulcrum will continue to pursue opportunities to add I&C assets to its portfolio as we believe their adoption is a unique differentiator for our core connections business and an important part of our growth strategy."
Robert Wallace, Managing Director of ESP Utilities Group Limited said: "This move is in line with our strategy of growing our portfolio of domestic connections across Britain and further consolidates our position as one of the UK's leading Independent Gas Transporters."
Under the terms of the sale agreement, Fulcrum has transferred all future income and liabilities associated with the assets and will support ES Pipelines through the transition phase. The deal will be immediately revenue generating for ESP.
For more information about Fulcrum please visit: www.fulcrum.co.uk.
For media and press enquiries please contact:
For Fulcrum: Craig Baugh email@example.com Tel: 07875 302 425 / 0114 280 4150
For ES Pipelines Ltd: Richard Dymond Richard@lattice-pr.com Tel: 07977 242 573 / 01344 567 123
About Fulcrum www.fulcrum.co.uk
Fulcrum is an energy solutions company operating across the whole of mainland UK. On average, Fulcrum completes around 13,000 domestic, industrial and commercial gas connections each year. Projects range from multi-million pound, technical developments such as the iconic Olympic Cauldron, Olympic Park and Athletes' village for the 2012 Olympic Games. Utility infrastructure for Centre Parcs' new Woburn Forest site, Arla Dairies' new £150m Aylesbury 'super dairy' along with the Velodrome, Tontine Buildings, Aquatics Centre and Sports stadium for the 2014 Commonwealth Games through to the recent commission by Diageo, Angus Dundee and Chivas Brothers to install a new 16 mile £7.6m gas pipeline to convert four Speyside distilleries from heavy fuel to natural gas.
The company leverages its expertise at each stage of the design, planning and delivery and has nationwide coverage to ensure there is local knowledge and expertise at the installation. Fulcrum, an Independent Gas Transporter (IGT) and Utility Infrastructure Provider (UIP) boasts more than a dozen industry accreditations including WIRS, GIRS, NERS and MURS. It is also the first utility connections specialist to receive "Putting the Customer First" accreditation.
About ES Pipelines www.espug.com
Based in Leatherhead, Surrey, ES Pipelines Ltd is a subsidiary of ESP Utilities Group Limited. Licenced by the industry regulator Ofgem, as an Independent Gas Transporter and Distribution Network Operator, it manages gas and electricity networks with connections to thousands of homes and businesses across Britain.