Fire engine supplier's bail-out put in doubt

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The group, which has a 20-year contract to supply vehicles to the London Fire Brigade, said three big shareholders, Gartmore Investment, JOHambro and Utilico Investments, had rallied to help its funding problems.

They agreed to provide £10million in exchange for shares, as AssetCo asked investors to approve a new placing to raise £16million, partly to pay back creditors including Lloyds Banking Group. But evidence of AssetCo's internal turmoil came as it admitted it "received a claim late last night" from chief executive John Shannon, who owns 30% of the company, "asserting he is not bound by his irrevocable undertaking to vote in favour of the [fundraising]".

AssetCo hit back: "The company has been advised that this claim is without merit. In the event that Shannon seeks to breach his undertaking, the company will take appropriate action."

One condition of investors providing the £10 million is that AssetCo replaces chairman Tim Wightman with Tudor Davies, now chairman of technology firm Zytronic.