Suitors circle cash-strapped firm AssetCo
STRUGGLING fire engine provider AssetCo confirmed it was talking to more than one potential buyer for the company yesterday.
The struggling firm said it was discussing its sale with a number of parties and talks were at “a developed stage” but said there was no certainty of an offer being made.
City A.M. understands that US marine and aviation services provider Seacor Holdings has been in negotiations with AssetCo since May and is currently in due diligence with the company.
Another interested bidder, Manchester-based turnaround investment company Consilia, has been meeting shareholders with a view to gaining substantial support for a bid.
“It must be emphasised that whilst discussions are at a developed stage, due diligence is not complete, and there is no certainty any parties will make an offer,” it said in a statement.
AssetCo has struggled financially since February, when a takeover bid from Italian investment group InvestIndustrial was derailed by news that HMRC had presented AssetCo with a £4m winding up petition.
It has since struggled to refinance debt and is short of working capital. It repaid HMRC but a fresh creditor’s petition was lodged last month by Northern Bank, the provider of AssetCo’s overdraft, and Supply 999, one of its suppliers.
• How we broke the news that a third bidder had entered the fray on 1 June