Early beginnings
Founded in 1992 by three entrepreneurial friends, Helphire’s history is, by any measure, an interesting and inspiring one. Driven by the premise that, under English law, the party not-at-fault in an accident is entitled to be put back in the position they were in prior to the event, the three friends spotted a gap in the market and set about creating a business to fill it. The business aimed to take all the hassle out of a non-fault accident by providing innocent motorists with a replacement vehicle whilst theirs was being repaired, and claiming back the cost of the replacement hire vehicle from the insurance company of the at-fault driver. This seemingly simple proposition - 'credit hire’ was groundbreaking for its time.
Within just five months of initial discussions and equipped with a start-up fund of £150,000, five second hand cars, a one-room farm-building on the outskirts of Bath as HQ, a couple of staff and significant interest from body repairers regarding reciprocal working, 'Helphire' began trading in April 1992.
Despite initial scepticism from some, the next five years saw the business take off. Repairers soon overcame their doubts and spotted the opportunity for additional revenue, as well as a much better quality of service for their customers over what they were currently able to offer. Through increased word of mouth repairers began referring non-fault customers to Helphire and with the introduction of incentive schemes, business boomed.
The 1990’s
In 1996, Helphire launched 'credit repair' services to manage and fund vehicle repairs, offering further improvement to customer service levels. Customers no longer had to pay an excess and repairers - particularly smaller independents - were now able to remain in business as insurer-referred repairs were all being sent to larger 'approved' repairer chains. As such Helphire built a reputation amongst the repairer market as a dependable and long-term partner.
As a climax to the exceptional early years, Helphire - now trading as Helphire Group Ltd - floated on the London Stock Exchange in 1997 to become Helphire Group plc. Growth continued at an amazing rate. A number of industry and financial awards followed and the Executive Board which has remained at the helm until recently, was appointed that same year.
2000 onwards
The late 90's through to early 00's saw troubled times for Helphire and the credit hire industry as a whole, resulting in a ruling by the Court of Appeal and subsequently the House of Lords in March 2001. Helphire, in having efficient processes and procedures in place prior to these hard times, survived this period of uncertainty; others did not. The proceedings however, had taken their toll on the company, requiring a downsizing in fleet and sadly a reduction in long-standing and loyal members of staff.
The experience, whilst costly, proved invaluable on a number of levels. It redefined the Company and by 2002 – a decade since its inception – the fleet was more than rebuilt with staff numbers reaching over 550. Strong growth returned, resulting in Helphire being named one of the fastest growing companies in the UK. The company more than recovered its position showing healthy profits and exceeding all previous records.
The five years following saw the Company continue its growth - both organically and through strategic acquisitions. In 2004 Helphire acquired the Albany Group of businesses to extend its range of credit hire and legal protection products and services and in 2005 the company acquired Swift Rent-a-Car to enhance the Group's presence in the prestige market. 2007 saw Helphire enter into financial agreements with CS2 Lawyers Limited in a move to create closer relationships with solicitors providing specialist personal injury advice. In the same year, Helphire acquired Cab Aid Limited, specialist providers of replacement vehicles to the taxi market and commenced international operations in Spain.
Road to Recovery
2008-2009 was a year in which Helphire Group plc acknowledged and responded to some very considerable challenges facing the business, brought about as a result of the UK’s economic downturn, coupled with an organisational infrastructure that had been geared up for increasing business volumes. The subsequent significant restructuring process, or Road to Recovery programme, began in the first half of the 2009 financial year and in the second half of the year, following the appointment of the new Board, strategies were developed and implemented to restore stability to the business and bring about a step change in performance.
2009-2010 has seen the successful delivery of the Group’s recovery plan; the business is aligned with activity in the marketplace and is positioned to operate profitably and cash-positively going forward
Key dates
| 1992 |
Helphire founded |
| 1996 |
Credit Repair service launched |
| 1997 |
Helphire floated on main market of the London Stock Exchange |
| 1998 |
Angel Assistance Limited, legal expenses insurance company, founded |
| 2002 |
e-register acquired |
| 2002 |
Total Accident Management (‘Total’), fleet accident management company, founded |
| 2004 |
Albany Group of Companies acquired |
| 2005 |
Swift Renta-Car acquired |
| 2007 |
CS2 group of businesses acquired |
| |
Commercial agreement with CS2 Lawyers Limited |
| |
Cab Aid Limited and NFL Cover Limited acquired |
| |
Helphire Spain S.L. commenced trading |
| 2009 |
New Board and Executive management team appointed |
| |
e-register sold |
| |
Helphire Spain S.L ceased trading |
| |
Commercial agreements with legal entities reviewed and de-consolidated |
| 2010 |
HAS Accident Management Solutions Limited is formed as an operating company of Helphire Group plc |
| |
Helphire, Swift Prestige Hire and Albany Vehicle Rentals (AVR) become trading names of a newly formed legal entity, HAS Accident Management Solutions Limited |
| |
Fleet Legal Limited and QSIT Limited sold; Medirep Marketing Ltd ceased trading |
| |
Group Operational Plan sees the Group’s contact centre sites consolidated into the North East and North West respectively; Bath remains Head office |
| 2012 |
The Group consolidates its insurance product and administration division, merging E-Claim Ltd and Angel Assistance Ltd with Albany Assistance Ltd. Albany Assistance Ltd continues to administer and support the products and services of these former businesses |
|
HAS Accident Management Solutions Limited is re-branded Helphire Limited, creating a single core credit hire and repair business and absorbing Swift Prestige Hire and Albany Vehicle Rentals brands: one team, one brand |
|
The trading names Swift Prestige Hire and Albany Vehicle Rentals are replaced with Helphire |
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