Sheffield infrastructure specialist to secure £5m with latest asset sale deal
A Sheffield-based multi-utility infrastructure and services provider has secured £5m as part of the sale of its domestic gas assets.
Fulcrum has today announced it will receive £5m 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).
Fulcrum will receive £4.7m in cash on 30 November 2020 as a result of the deal, with the remaining amount expected to be received on 31 May 2022.
The news follows the first payment of £17.5m received under the asset sale, which was agreed in December 2019.
Daren Harris, Fulcrum CEO, commented: “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.”
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