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AIM star to ominous accounting – what’s gone wrong at Fulcrum?

Fulcrum workers attending a gas pipe

Having been regarded an AIM-gem less than two years ago, Fulcrum is now being included in a list which includes Yu Group, Staffline and Patisserie Valerie – companies which have been unravelled by accounting problems. So, what exactly has gone wrong at Fulcrum and can it turn things around? 

It wasn’t that long ago that Fulcrum (LON: FCRM) was used as an example of AIM’s often overlooked excellence. A solid company with impressive repeat sales, a valuable network of assets and excellent capacity to generate cash. Things have changed very quickly. The company’s over-ambitious expansion plans have unwound the excellent work of former chief executive Martin Donnachie who left in mid-2017 having transformed the company from a beleaguered offshoot of National Grid, to a…

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