Northgate, the largest van rental company in the UK and Spain, reassured the City with news of improving utilisation rates and better residual values for used vehicles since the start of May. “It’s the first step on the road to recovery,” said Steve Smith, chief executive.

Last year was the worst in Northgate’s 28-year history as it plunged to a £195.6m ($322.5m) pre-tax loss, after exceptionals. It had to renegotiate lending facilities of £880m with its banks and raise £108m net in a placing and rights issue.