Helphire, which supplies credit hire and accident management services to fleets and is attempting to raise £46.5 million by issuing millions of new shares, has seen its chief executive hand in his notice.

The company desperately needs extra money to secure revised credit terms with its lenders as well as to complete a restructuring plan.

That plan has already led to the loss of 130 jobs and will result in a further 180 job losses this year.

Now the management team is also facing major changes.

Mark Adams the Helphire Group’s chief executive officer, confirmed he has now resigned.

He had been with the company just under a year.

Richard Rose has been appointed executive chairman and Martin Ward group managing director.

Significantly, the company has also appointed Avril Palmer-Baunack as a non-executive director.

She was previously CEO of Universal Salvage where she successfully re-engineered the business, returning it to profit and growth.

Prior to that she was managing director of fleet claims company FMG Group, where she led the company’s return to profit which involved re-engineering a business with a rental fleet of 300,000 vehicles.

Palmer-Baunack has previously also held positions with Europcar, Northgate and Kennings.

Helphire has been struggling with increasingly difficult trading conditions as the number of accident management opportunities was impacted first by high fuel prices and then by the deepening recession.

In response the new management team took action to reduce costs, including laying off staff and reducing its fleet and extending the life of vehicles that it keeps on its books.

Along with supplying accident replacement cars, Helphire also provides vehicles on contract hire to insurance companies.

It also provides accident management services to fleets.