The deal, which is said to be worth circa £60 million over five years, includes a two-year option to extend the contract after an initial three-year term.

Speedy, which is a leading provider of equipment rental and support services, is to take delivery of an anticipated 2,500 vehicles over the full five-year period.

Ian Leonard, director of Fleet Services at Speedy, said: 'Logistics is a crucially important area of our business and having the right mix of product and fleet management expertise will ensure that we can continue to operate efficiently in a highly competitive market.

'The combination of Lex Autolease's commercial strength and service excellence gave us the confidence to extend our long-term partnership following a comprehensive fleet review and tender process.'