Credit hire company is also performing a share consolidation exercise

Credit hire company (CHC) Helphire is rebranding itself as Redde.

The new name will come into effect from 23 May 2014.

Chief executive Martin Ward said: “Following the recent acquisition of the New Law group of companies, it was entirely appropriate that the group holding company adopt a new name that better reflects the enlarged position of the group.

“The new name Redde, which is associated, in Latin, with the concept of restoration, entirely encompasses the spectrum of activities relating to accident management in which the group is engaged. Individual operating subsidiaries will continue to trade under the brand names for which they have become renowned as leading providers of comprehensive accident management assistance.”

The CHC is also performing a share consolidation so that shareholders will have each 10 shares replaced by one single share. The new shares will be worth 10p, compared to the price of 1p for existing shares, resulting in no change to shareholdings or the value of the company.

Helphire said this move “will lead to more meaningful earnings per share figures and result in the new ordinary shares trading in a price range that is more conventional and more appropriate for a company of Helphire’s size and profile”.