Fire engine company AssetCo feeling the heat over funding problems

By John Stevens for the Daily Mail
Updated:

Shares in the company that owns London's fire engines tumbled 22pc yesterday after it admitted continuing funding problems had forced it to walk away from talks with a potential acquirer.

Outsourcer AssetCo appears to be fighting its own fires, as plans to raise money from the refinancing of a £50m debt facility have hit trouble, putting a strain on its cash resources.

Firefighters tackle a blaze

Up in flames: Outsourcer AssetCo currently appears to be fighting its own fires


The company, which was originally a subsidiary of British gas, is now trying to set up a £3.5m short-term facility to settle an outstanding debt due within days.

The group has called off takeover talks with a potential bidder to concentrate on sorting out its finances.

AssetCo's shares closed down 10p at 36p.

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