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.
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