Company FD confirms web rumours
Charterhouse-backed credit hire company Drive Assist has gone into administration.
Drive Assist finance director Chris Wright confirmed to Insurance Times that the company was in administration following a number of rumours published on the web.
Wright said papers had been filed with the courts but declined to comment further.
Drive Assist has a history of financial difficulty. It had to overhaul its financial structure in July 2011 after losing two major contracts that left the company struggling with a heavy debt burden.
Credit hire companies in general have found the current financial climate difficult, with fewer driving hours resulting in lower claims.
More to follow.
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Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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