Helphire cuts a further 180 jobs.

Sandie Seward · Helphire cuts a further 180 jobs.

Accident claim handler Helphire Group (HHR.L) is planning to raise 50 million pounds by selling new shares to improve its working capital position, and said its chief executive, Mark Adams, will step down.

Helphire, which employs more than 3,000 people, said it has eliminated 130 jobs and will cut 180 more positions, adding that it expects reduction in annual operating costs to exceed the previously estimated 5 million pounds.

Helphire said it would dispose of about 2,000 vehicles and place more than 3,000 vehicles on rent to corporate customers over the coming months. It currently has a fleet of more than 17,000 vehicles.