Helphire is to acquire Swift Rentacar, the prestige car credit hire business, for up to £25.2m.

According to Helphire, the acquisition brings an experienced team with a proven record, an additional 400 prestige cars to Helphire's current prestige fleet of 1,000 and a call centre in Northwich, Cheshire.

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

Helphire has also announced a placing and open offer of 15.4 million shares, which is expected to raise £40.1m to provide funding for the acquisition and a repayment of £12.5m of bank indebtedness relating to the Albany acquisition.

Richard Burrell, non-executive chairman of Helphire, said: "The success of the pre-placing demonstrates the enthusiasm with which our investors have received the details of the deal."

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