Taylor Wessing advises Helphire Group plc on its £25m acquisition of Swift Rentacar Ltd and on its £40m fundraising

Taylor Wessing advised Helphire Group plc, the provider of credit hire to motorists who are victims of non-fault road traffic accidents, on its purchase for up to £25.2m of the prestige car credit hire business, Swift Rentacar Ltd.  

Taylor Wessing also advised Helphire on its placing and open offer of 15.4 million new Ordinary shares at 260p per share on the basis of 3 new Ordinary Shares for every 23 existing Ordinary Shares to raise approximately £40m.

The acquisition enhances Helphire's prospects by adding higher margin, prestige business.  It also brings an additional 400 prestige cars to Helphire's current prestige fleet, and a new call centre in Cheshire.  The placing and open offer is intended to provide funding for this acquisition and repayments of debt relating to an earlier acquisition.

Corporate partner, Robert Fenner, said:

“We are delighted to have been able to assist Helphire on this acquisition.  Helphire is a very substantial and fast growing company and this acquisition represents yet a further step in enhancing the scope of its business”.

The Taylor Wessing team advising Helphire was led by corporate partner, Robert Fenner, and comprised Peter Jackson (tax), Daniel Rosenberg, Vanessa Graham and David Ponsford (corporate), Nicola Goodey (employment) and Louise Tobutt (real estate).

The seller shareholders of Swift Rentacar Ltd were advised by Eversheds.