Debt blow for Northgate - Business - Evening Standard
       

Debt blow for Northgate

Northgate, the firm powering Britain's white van man, today admitted its debt level was £32 million higher than it posted in a trading update last Wednesday, blaming the "discrepancy" on an "internal administrative error".

The company, which is the biggest van rental company in the UK and Spain, said during the four months to the end of August it slashed debt by £173 million to £713 million, rather than the cut of £205 million that it reported last week.

At the time, chief executive Steve Smith said the firm, which this year raised £109 million in new equity, had improved its debt performance due to "self-help" measures.

But, admitting the error today, Northgate insisted: "The discrepancy is due to an internal administrative error and does not affect the company's current trading position.

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