Mon, 20 Aug 2012 | BUSINESS SALE
AssetCo has sold its UK fire engine leasing and maintenance business for £2 following hefty losses.
The business owns the leasing and maintenance contracts for the London and Lincoln fire authorities but has sold these off to private equity firm AB&A Investments, after the firm made a loss of £16.5 million in the 18 months to 30 September 2011 on a turnover of more than £33 million.
There is some concern about public safety regarding the sale of a public service to a private investment group. However, Commissioner of the London Fire Brigade, Ron Dobson, stated that there would be no impact on public safety: “The sale of AssetCo's UK interests has no effect whatsoever on the London fire brigade or its fire engines, which continue to be maintained and available as usual.”
AssetCo has released a statement claiming that the business sale will allow it to focus more on “creating shareholder value through the company's restructured business model”. The company added that it is set to expand its operations in the Middle East and the United Arab Emirates, where it is already providing training for staff, as well as fire engines and maintenance.
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