Assetco wins time to explore offers

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Assetco, the troubled owner of London's fire engines, saw its shares slump by more than 40 per cent yesterday as a court deferred a decision on a wind-up petition brought by a creditor, North Bank.

The two-week delay is to give Assetco, whose shares fell by 0.9p to 1.3p, time to explore a possible sale of its business and a potential refinancing. In June the company confirmed that it was in talks with a number of parties. Recently, the Bahraini banking group Arcapita was reported to be in discussions over a possible bid of 2p a share.