Company FD confirms web rumours

Car keys

Charterhouse-backed credit hire company Drive Assist has gone into administration.

Drive Assist finance director Chris Wright confirmed to Insurance Times that the company was in administration following a number of rumours published on the web.

Wright said papers had been filed with the courts but declined to comment further.

Drive Assist has a history of financial difficulty. It had to overhaul its financial structure in July 2011 after losing two major contracts that left the company struggling with a heavy debt burden.

Credit hire companies in general have found the current financial climate difficult, with fewer driving hours resulting in lower claims.

More to follow.

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