Helphire acquires Cab Aid

by Gill Montia

Story link: Helphire acquires Cab Aid

Helphire Group, which works alongside insurance companies to provide replacement vehicles after accidents, has acquired Cab Aid, a specialist provider of replacement vehicles to the taxi market.

Cab Aid has been trading since 2004 and can offer a full range of licensed vehicles including hackney carriages, private hire, wheelchair accessible and multi-seater models.

In addition, it will customise replacement vehicles to meet the specific needs of a relevant local authority.

The company is based in Sutton, Surrey, and employs 80 staff. It maintains a fleet of 300 vehicles across its yards in Sutton and Middleton, near Manchester.

Cab Aid provides full claims management services, including vehicle repair, loss of earnings and personal injury claims handling.

The acquisition has been made for £4.04 million with a deferred consideration of £1.2 million.

Helphire has grown rapidly since its formation in 1992 and currently assists around 11,000 motorists per months, providing vehicles at hire rates agreed with the Association of British Insurers.

Over the 12 months to the end of June 2007, hire rates increased 34% and gross profit increased by 42%.

The company has ambitious plans to continue its expansion and further acquisitions are anticipated.