The firm will investigate the accounting irregularities, which led to the resignation of its chief executive Steve Corcoran at the end of last month.

He quit the business saying it was appropriate to stand down following the discovery of a £5m black hole in the company’s International Division, which operates across the Middle East.

Problems with the accounts came to light following recent management changes at the International Division, which accounts for 5% of group revenue.

The finance director of the International Division has also been suspended and other senior divisional management are the subject of further investigation.

Separately today Speedy Hire also announced that Mike McGrath, managing director of International Asset Services, has stepped down from the board. His departure was planned before Speedy discovered problems in the Middle East.

Former Lavendon Middle East boss Andy Wright is now running Speedy’s international operations follow his appointment earlier in November.