Fleet News

Helphire set to expand

HELPHIRE is planning to more than double its fleet size and depot network within the next 18 months using cash raised through its stock market flotation this week.

Shares in the company, which supplies hire cars on credit to motorists whose vehicles are off the road following non-fault accidents, were priced at 100p, giving a flotation value of £16.3 million on Monday. The share issue raised £5.5 million, net of expenses, for the company. It plans to spend £0.35 million expanding its 400-strong fleet and a similar figure developing its network of depots, which currently stands at five.

Helphire aims to have a fleet of between 800 and 1,000 vehicles within 12 months and is planning to open around six new depots within 18 months. It hopes to have a network of between 30 and 80 depots within five years. The company currently uses vehicles rented from Avis Rent a Car, Europcar and Alamo Rent a Car alongside its own cars in order to provide a nationwide service.

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