Fire engines and kits used by London Fire Brigade could be "put up for sale to settle the debts" of the firm which contracts them out, a union has said.

AssetCo, which provides and maintains equipment for London Fire Brigade (LFB), is facing a creditor's petition from Northern Bank over a £1.3m debt.

The Fire Brigades Union said LFB faced a "serious crisis" as the stock could potentially be sold to recover money.

LFB said it would not speculate but planned for "all events".

Under a private finance initiative AssetCo provides and maintains fire engines and equipment for LFB.

It is understood that in the event of non-repayment of debt the stock could be sold off or a new buyer for the contract with LFB would be sought.

Failing these, an offer could be made to LFB to buy out the entire contract or parts of it.