Despite the fact that a Google search for 'Racey Helps' turns up about 24,400 hits there doesn't seem to be one word of biographical information available on the web.
His illustrations were used widely on postcards and card games and Helps was involved with the Medici Society for many years, producing postcards and a series of story-cards (8 page booklets) published by the Medici Society in c.1970. Titles include To Greet You: The Story of the Tea-Kettle House and Christmas Greetings and The Story of the Snow Prince.
Helps was married to Renee (nee Orr) and had at least one son (Julian Racey Helps, b. 1950). I believe he lived in Bristol.
Posters and cards by Racey Helps are still widely available (a quick search will turn up quite a few sites dealing with them).
Update: 6 October 2008
Thanks to a comment left by Gabi I've finally been able to discover something concrete: Racey Helps was born Angus Clifford R. Helps in Bristol on 2 February 1913 and died in early 1971 in Barnstable. He was the son of Clifford R. Helps, who married Dorothy L. Davis in Cardiff in 1911.
OK, it's not much... but it's a start!
Books (written & illus.)
Footprints in the Snow. London, Collins, 1946.
The Upside-Down Medicine. London, Collins, 1946.
Barnaby Camps Out. London, Collins, 1947.
My Friend Wilberforce. London, Collins, 1948.
Barnaby in Search of a House. London, Collins, 1948.
Littlemouse Crusoe. London, Collins, 1948.
Tippetty's Treasure. London, Collins, 1949.
Nobody Loves Me. The story of a Dutch doll. London, Collins, 1950.
Many Happy Returns. London, Collins, 1951.
Barnaby and the Scare-Crow. London, Collins, 1953.
Little Tommy Purr. London & Glasgow, Collins, 1954.
Two from a Tea-Pot. London, Collins, 1954.
Two's Company. London, Collins, 1955.
Barnaby's Spring Clean. London, Collins, 1956.
Prickly Pie. London, Collins, 1957.
The Tail of Hunky Dory. London, Collins, 1958.
Kingcup Cottage. London, Medici Society, 1962.
Diggy Takes His Pick. London, Medici Society, 1964.
The Blow-Away Balloon. Manchester, World Distributors, 1967.
The Clean Sweep. Manchester, World Distributors, 1967.
Pinny Takes a Bath. Manchester, World Distributors, 1967.
Selina the Circus Seal. Philadelphia, Chilton Book, 1967.
Just Wilberforce. London, Medici Society, 1970.
Pinny's Holiday. London, Medici Society, 1970.
Guinea-pig Podge. London, Medici Society, 1971.
Racey Helps' Picture Book, verses by Celia Barrow. London, Medici Society, 1984.
My Book of Kittens and Puppies, stories by Ivy Lilian Wallace. London & Glasgow, Collins, 1954.
Animal Alphabet by Helen Wing.
The Marigold Line by Charles Griffiths. London, Collins, 1970.
(* The illustration at the top comes from Swift Annual 4 (1957) and is © Look and Learn Magazine Ltd. A robin... Christmas... I thought it was apt. The second illustration is from a postcard, probably from the Medici Society.)