INTERVIEW: Fulcrum Eyes Bigger Slice Of Connections Market
July 09 2010 - 8:12AM
Dow Jones News
Fulcrum Utility Services Ltd. (FCRM.LN) Friday said it intends
to use GBP11 million raised in its recent admission to London's
junior Alternative Investment Market to boost its share of the
market for connecting homes to the U.K. gas supply.
Fulcrum was admitted to AIM Thursday following a reverse
takeover of Marwyn Capital I Ltd. (MCIL.LN), a fund run by investor
Marwyn Investment Management, which bought Fulcrum from National
Grid PLC (NG.LN) for a nominal sum.
Fulcrum Chief Executive John Spellman told Dow Jones Newswires
the company intends to invest in new IT and improve its customer
service to win a greater share of the market for connecting gas
supplies "the last mile" to people's homes.
According to energy industry regulator Ofgem, there were 208,963
new or modified gas connections in 2009.
Fulcrum undertakes about 4,800 connections a year and Spellman
said it intends to increase that number. He didn't wish to be more
specific on targets for reasons of commercial sensitivity.
Fulcrum's rivals include National Grid and Independent Pipelines
Ltd. Spellman said Fulcrum's advantage is its expertise and
experience in designing the complex connections required to hook up
homes to the supply.
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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