National Grid sells Fulcrum to private equity

National Grid today sold Fulcrum, its subsidiary which installs gas lines and meters at property developments, to an unnamed private equity firm.

Staff contacted the Evening Standard and said they were told on a conference call this morning that the division's management team including Brian Popplestone and Steve Murray would not move to the new owners.

The business is thought to have struggled outside London because of how little construction work is going on, although business in the capital has remained brisk. London has been partly insulated from the downturn since there are fewer rival contractors who are prepared to work in the crowded streets where huge amounts of red tape have to be dealt with to dig up roads.

A National Grid spokesman declined to comment on the deal beyond confirming that the business was being sold.