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Article: Helphire takes pounds 43.8m write-off on settlement with insurers
- Article from:
- The Independent (London, England)
- Article date:
- December 29, 2000
- Author:
CopyrightCopyright 2000 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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HELPHIRE, THE firm that provides hire cars to accident victims and
then fights legal battles to claim back the cost from insurers, last
night said it had written off pounds 43.8m to cover bad debts and
legal costs after reaching a settlement with its customers.
In a statement on its interim results, released after the market
closed, Helphire also said it would reduce its charges to insurers by
one-third in the future. The company admitted that this would have a
negative impact on turnover and gross margins.
The hefty write-off is a result of a long-running dispute with the
insurance industry. Helphire had been accused by insurers of
overcharging them when it billed the companies for car ...