AssetCo, the private strike-breaking firm that owns all of London’s fire engines, is close to collapse.
The company has now formally applied to go into administration, it was revealed last week. It has seen its share price plummet in recent months and is being chased by creditors—even though it has pocketed millions from the contract.
Firefighters’ union the FBU has demanded managers set out what contingency plans are in place if the company goes bust.
It fears that AssetCo’s bankers could “repossess” fire engines and other vital firefighting equipment.
“We always said that selling off large chunks of an emergency service was dangerous,” said the FBU’s Ian Leahair.