HELPHIRE ENVISIONS CHANGED BUSINESS MODEL

UK-based vehicle replacement firm Helphire has signed a "new long-term agreement" with its largest referral partner that will see Helphire move towards a revised business model. Helphire reported a statutory operating loss of £700,000. Chairman Avril Palmer-Baunack said that Helphire had been working with its referral partners to explore ways to improve margins and create a sustainable underlying model that better aligns the economic risk and reward in our business". Helphire noted that change in law from next April that will see a ban on referral fees in personal injury cases, plus the forthcoming Competition investigation into the car insurance industry, much of which is based on the insurers of the "not-at-fault" drivers receiving commission for certain referrals Helphire said that "the Board expects that in response to these pressures the market will take action by making changes to the way in which business is conducted and in anticipation of those future possible changes, the Group is examining and implementing certain business model changes". Helphire is pursuing redress for losses against insurers who benefitted financially from the alleged criminal activity of Autofocus employees who reportedly falsified hire rate evidence in their submission to Insurers and the Courts.