The brakes go on at Northgate

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Northgate, which hires out 68,000 vehicles around the country, today admitted business is worse than expected as its customers —often workers in the construction and housing industries — are renting vans for less time. It has also been hit by the plummeting resale value of its vans.

Its problems are compounded by the fact it is also a market leader in Spain, whose economy is in even worse shape than the UK's.

Northgate shares were firm today at a long-time low of 299½p — 70% down on a year ago.

The company admitted that a refinancing of its £894 million debt pile will cost a further £5.4 million. Broker Brewin Dolphin said if Northgate has to accept a 10% cut in the price of the 4000 vans it sells in a month, that will take a further £28 million off profits