Helphire, the vehicle hire and accident management group, is to acquire prestige car credit hire business Swift Rentacar for £25.2m.

The acquisition will add an additional 400 prestige cars to Helphire's current fleet of 1,000 cars. The company will also inherit a call centre in Northwich, Cheshire.

Swift's car marques include Jaguar, Mercedes, TVR and Porsche.

Helphire said the acquisition would increase margins at the company, reduce unit costs and increase the size of its branch network.

The company has also announced a placing and open offer of 15.4 million shares, which is expected to raise £40.1m.

The new money will provide funding for the acquisition and a repayment of £12.5m of bank indebtedness relating to its acquisition of rival Albany.