Debt blow for Northgate

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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.