Helphire sells E-Register business to Loss Management Group
by Gill Montia
Motor accident assistance company, Helphire, has sold it E-Register business to Loss Management Group.
The unit, which owns a specialist jewellery registration and claims valuation business, has been valued at £0.3 million, which will be payable over 12 months.
The disposal is in line with Helphire’s strategy of focusing on its core accident management operations; according to managing director, Martin Ward: “It has been necessary to find a partner that is better aligned to the needs of E-Register’s business and those of its valued customers.”
Helphire has been struggling since last year when the credit crisis and high petrol prices reduced the number of vehicles on the UK’s roads.
A consequent fall in road traffic accidents impacted on profits and pre-tax earnings at the group fell 86%, to £3 million, in the six months ending 31 December 2008.
Earlier this month, the firm announced plans to cut £10 million from its cost base through redundancies and by reducing its fleet of vehicles.