Sun, 29 May 2011 | BUSINESS NEWS
AssetCo, the global fire and rescue services business, is itself looking for a white knight to save it from going down in flames.
The company evolved from the asset management and leasing subsidiary of British Gas, and supplies ladders, hoses and engines to the London Fire Brigade as well as firefighting services to the UAE and training services to the Abu Dhabi Government. However AssetCo has been struggling to cope with debt and cash flow issues, culminating in a creditors’ petition from the Northern Ireland-based bank Northern Bank to reclaim a debt of £1.3 million.
Earlier this year the company was almost wound up by HM Revenue & Customs who were chasing a shortfall in payments. This was settled by AssetCo at the last hour by tapping shareholders for £16 million of emergency funding. This time round shareholders may well be asked to stump up an additional £10 million to get the business through the current crisis.
AssetCo’s debt levels are said to be around £80 million and in need of immediate restructuring to prevent the business from collapsing into administration. AssetCo shares are currently trading at £3.15, valuing the business at around £8 million.
This unique business excels in the import and distribution of hairpieces across diverse sales channels, boasting a vast product range designed to look natural for all customer segments. With strong supplier relationships and a multifaceted sales stra...
This established business is a leading provider of customised boiler analysis systems, boasting strong, long-term relationships with prestigious clients in the power, refinery, and defence sectors. With a talented team and a solid presence in interna...
This business offers a strategic position as a UK agent for a renowned recycling machinery manufacturer, serving a robust client base that includes international blue-chip organisations. With opportunities for expansion into new sectors and a fully r...
14
|
Jul
|
PE-backed Compleat group acquires egg products firm | BUSINESS SALE
The Compleat Food Group, a food manufacturing group backed b...
14
|
Jul
|
Online firm acquires assets of skateboard retailer from administrators | BUSINESS SALE
SkatePro, a Danish-headquartered online specialist retailer,...
14
|
Jul
|
Concrete admixture manufacturer moves for waterproofing specialist | BUSINESS SALE
A concrete admixture manufacturer has enhanced its product r...
25
|
Mar
|
British Gas owner Centrica acquires Nabuh Energy as it targets return to growth | BUSINESS SALE
Sheffield-based energy firm Nabuh Energy, which has recently...
09
|
May
|
Centrica puts its three larger power stations on the market | DIVISION SALE
Owner Centrica has placed the Langage power station, that si...
20
|
Aug
|
AssetCo sells fire engine business for £2 | BUSINESS SALE
AssetCo has sold its UK fire engine leasing and maintenance ...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.