The banking market offered Cowie substantially more than the £200 million requested, which is at far more favourable interest margins and replaces a £200 million credit facility signed by Cowie in May 1994. It is in addition to a four-year, facility for £175 million signed a year ago.

Cowie Interleasing managing director Neil Pykett said: 'Growth in the contract hire fleet of Cowie Interleasing has been encouraging so far this year and the fact that the facility as on previous recent occasions, was considerably over-subscribed is a further positive reflection on the prospects of Cowie Group.'