AssetCo slumps as it faces debt facility struggle

ASSETCO, the largest outsourcing partner to London Fire Brigade, has said it is discontinuing offer talks with a third party as it faces certain short-term funding issues, sending its shares down 21 per cent to close at 36p – their lowest in nearly two years.

In December, AssetCo sold three of its businesses to restructure its balance sheet. The company said it was in advanced talks related to a short-term debt facility of £3.5m, which will be used for its immediate requirements.