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| Sale of London fire engine fleet to equity firm for £2 sparks safety row | Sale of London fire engine fleet to equity firm for £2 sparks safety row |
| (8 days later) | |
| The Fire Brigades Union has warned that public safety is being put at risk by the privatisation of public services after it emerged that the owner of London and Lincoln's fire engines had sold its UK fleet for £2. | The Fire Brigades Union has warned that public safety is being put at risk by the privatisation of public services after it emerged that the owner of London and Lincoln's fire engines had sold its UK fleet for £2. |
| AssetCo said it had sold its UK fire-engine leasing and maintenance business because the contracts were "based on a flawed business and financial structure". The business owns the leasing and maintenance contracts for the two fire authorities and has been sold to the private-equity firm AB&A Investments. AssetCo said the business made a loss of £16.5m in the 18 months to 30 September 2011 on a turnover of £33.5m. | AssetCo said it had sold its UK fire-engine leasing and maintenance business because the contracts were "based on a flawed business and financial structure". The business owns the leasing and maintenance contracts for the two fire authorities and has been sold to the private-equity firm AB&A Investments. AssetCo said the business made a loss of £16.5m in the 18 months to 30 September 2011 on a turnover of £33.5m. |
| "The board and senior management are now able to focus on creating shareholder value through the company's restructured business model, positioning AssetCo as a provider of outsourced fire and rescue operations," the firm said, adding that it operates a, referring to its contract in the United Arab Emirates where it also provides training for staff, alongside fire engines and maintenance. It said it was "pursuing further opportunities in the Middle East". | "The board and senior management are now able to focus on creating shareholder value through the company's restructured business model, positioning AssetCo as a provider of outsourced fire and rescue operations," the firm said, adding that it operates a, referring to its contract in the United Arab Emirates where it also provides training for staff, alongside fire engines and maintenance. It said it was "pursuing further opportunities in the Middle East". |
| AssetCo was established in 2001 after winning a 20-year private finance initiative contract from the London Fire and Emergency Planning Authority that included owning and managing vehicles. | AssetCo was established in 2001 after winning a 20-year private finance initiative contract from the London Fire and Emergency Planning Authority that included owning and managing vehicles. |
| The assistant general secretary to the FBU, Andy Dark, warned, however, that "national resilience and public safety" were at risk. He added: "These are public assets over which the London fire brigade and the elected politicians have no control. They must be brought back into public ownership under direct local authority control." | The assistant general secretary to the FBU, Andy Dark, warned, however, that "national resilience and public safety" were at risk. He added: "These are public assets over which the London fire brigade and the elected politicians have no control. They must be brought back into public ownership under direct local authority control." |
| Dark said the "carving up" of emergency services had to end. "The fire service is made up of the firefighters and the fire engines which carry the kit. The London fire brigade doesn't own the fire engines or the kit and has no ability to stop the assets being sold on from firm to firm." | Dark said the "carving up" of emergency services had to end. "The fire service is made up of the firefighters and the fire engines which carry the kit. The London fire brigade doesn't own the fire engines or the kit and has no ability to stop the assets being sold on from firm to firm." |
| The commissioner of the London Fire Brigade, Ron Dobson, said there would be no negative impact on public safety. "The sale of AssetCo's UK interests has no effect whatsoever on the London fire brigade or its fire engines, which continue to be maintained and available as usual. | The commissioner of the London Fire Brigade, Ron Dobson, said there would be no negative impact on public safety. "The sale of AssetCo's UK interests has no effect whatsoever on the London fire brigade or its fire engines, which continue to be maintained and available as usual. |
| I have met with the new owners of AssetCo London, AB&A Investments Limited, and received every assurance that it is committed to maintaining and improving the service the London fire brigade receives."Unite's assistant general secretary, Gail Cartmail, said the deal evoked parallels with the G4S Olympic security contract and the dangers of privatising public services. Unite has members in the ambulance and police services. "It should serve as a lesson on why the government should halt the privatisation of some of the country's key public assets. | I have met with the new owners of AssetCo London, AB&A Investments Limited, and received every assurance that it is committed to maintaining and improving the service the London fire brigade receives."Unite's assistant general secretary, Gail Cartmail, said the deal evoked parallels with the G4S Olympic security contract and the dangers of privatising public services. Unite has members in the ambulance and police services. "It should serve as a lesson on why the government should halt the privatisation of some of the country's key public assets. |
| "Fire engines, which should be in public hands, are now in the hands of private equity. | "Fire engines, which should be in public hands, are now in the hands of private equity. |
| Now even core parts of the police force, including crime investigation are up for grabs. We need a fully accountable public sector which puts people first not the search for ever greater profits." | Now even core parts of the police force, including crime investigation are up for grabs. We need a fully accountable public sector which puts people first not the search for ever greater profits." |
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