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."
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.
