Arcapita ends AssetCo talks

THE FUTURE of AssetCo was uncertain yesterday after the troubled fire engine supplier said Arcapita Bank had pulled out of takeover talks.

Bahraini-based Arcapita said yesterday it has “been unable to reach satisfactory agreement with the Company’s existing lenders and preference shareholders” and so would not be making an offer for AssetCo. The two firms had been in exclusive talks since July.

AssetCo, which rounded up £10m from investors in July to keep the firm afloat, hopes to raise a further £14m through a share issue.