Helphire, which specialises in providing car hire and repair services on credit to motorists who have been involved in accidents which were not their fault, will use money from the proceeds to expand its fleet and depot network. Helphire's turnover has increased from £354,000 for the year to February 28, 1994, to £2.46 million for the year to March 31, 1996, with pre-tax profits rising from £64,000 to £327,000. Directors are forecasting a pre-tax profit of £1 million for the current financial year.
The company currently has a fleet of more than 400 vehicles at five depots, but is looking to expand. It also has arrangements with Avis, Europcar and Alamo to sub-hire vehicles in order to provide a national service. Around 1,000 bodyshops have contracts with Helphire.