Demand reduces at Sheffield gas and electricity provider Fulcrum

Sheffield-based gas and electricity provider Fulcrum has reported a reduction in demand for its services following the Covid-19 lockdown.
Daren Harris is the CEO of Fulcrum.Daren Harris is the CEO of Fulcrum.
Daren Harris is the CEO of Fulcrum.

Fulcrum said its customers' sites have closed and some suppliers have suspended operations, as a result of the restrictions.

The firm said the situation continues to evolve and it fully expects there will be further temporary closures and operational disruption, until restrictions are relaxed.

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Fulcrum confirmed the completion of the sale of the initial tranche of its domestic customer gas connection assets and order book and associated meters to E.S. Pipelines Limited (ESP) on March 31, with cash consideration of £16.8m, before related expenses, received on completion, significantly strengthening the group's balance sheet.

The total estimated net consideration, inclusive of the £16.8m announced, is expected to be £33m with the balance to be received in future tranches.

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