Britain’s largest accident management company, Helphire is under scrutiny from insurance watchdogs after posting a £59.3m loss for the second half of 2008. The company has blamed the declining value of it’s substantial fleet of vehicles, restructuring costs and goodwill write downs for the poor figures. Pre tax profit for the same period in 2007 was £19.4m.
Chairman of the Bath based company Richard Rose said that “The group had expanded infrastructure in anticipation of higher business volumes than have materialised” and that Helphire would be looking to renegotiate it’s banking arrangements and raising a further £50m through share issue.
The company also intends to increase litigation to help claw back money from outstanding claims and has plans to reduce it’s current workforce of 1,100 by 130.
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