UPDATE: Fulcrum Eyes Bigger Slice Of Connections Market

(Adds detail.) By Jason Douglas Of DOW JONES NEWSWIRES LONDON (Dow Jones)--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 businesses and 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 business premises and 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 premises to the supply. Marwyn Investment Management bought loss-making Fulcrum for GBP10 from National Grid in June. It said its aim is to turn the company around and re-establish it as a market leader in gas connections and transporting gas. Shareholders in the enlarged group include insurer Legal & General Group PLC (LGEN.LN), utilities and energy investor Ecofin Water and Power and fund managers Artemis and F&C. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires July 09, 2010 09:11 ET (13:11 GMT)