VEHICLE hire and accident management group Helphire has revealed the price of peace in the battle over credit hire bills after giving up a claim to tens of millions of pounds worth of debts owed by insurers.

As a result, the company plunged into a £48.1 million pre-tax loss for the six months to September 30, 2000, compared to £2.06 million profit for the same period in 1999. Turnover rose from £29.2 million to £31.4 million over the same period.