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20Jan94 UK: FITZPATRICK GOES ON CITY TRAIL VIA REVERSE BALLIE GIFFORD TAKEOVER.

JP Fitzpatrick, the Harrow-based contractor which specialises in laying cable TV duct and electricity industry work, is joining the stock exchange through a reverse takeover by a shell company, Ballie Gifford Technology.The company, which is owned by chairman John Fitzpatrick and other directors, is being acquired for £8.75 million.It is also raising £8.1 million in new money, through a placing and rights issue, to help it to expand.The group is changing its name to Utility Cable plc although it will continue to operate through two subsidiaries, JP Fitzpatrick (Cable TV) and JP Fitzpatrick Construction. The existing directors of the two operating companies will be joined on a group board by a new non-executive chairman and director.Fitzpatrick's cable TV arm claims to be one of the largest layers of cable TV duct in the UK, running 13 contracts and reporting pre-tax profits of £2.2 million in the year ending last August.The construction company supplies cabling to the electricity industry and produced pre-tax profits of £299,000 in the 15 months ending last August. CONSTRUCTION NEWS