Fleet News

Helphire on acquisition trail

FAST-expanding credit hire and credit repair services company Helphire Group has announced further growth plans with the proposed acquisition of Countrywide Assistance. Half-year results revealed turnover and profits have rocketed by about 100% compared with the same period last year.

In the six months to September 30, there was a 105% increase in turnover to £19.8 million (1997: £9.7 million) and a 93% jump in profits to £1.58 million, from £0.82 million for the same time last year. As the results were published, the firm said it was making a further push into the legal insurance expense market with the planned purchase for £2.2 million of Countrywide Assistance, from information technology group Misys.

The cost of buying the firm, which sells motor uninsured loss recovery policies and legal travel expenses policies, will be funded by an £8.9 million share issue, which will also cover the cost of new investment. The deal will add 250,000 new policyholders to the group, bringing its total to about 600,000.

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