The company says that it wants to revamp its brand to respond to industry pressures to be "more dynamic and flexible" in the services it offers on secondhand machines.

Tim Pawley, sales and marketing director at Exel, also said that the company would be making "major investments" over the next year in order to consolidate its position and image.

He added that he hoped the new identity would "indicate to customers that we are not just about buying and selling used machines".

He said that it would emphasise the range of other services that the firm offers, including engineering, reconditioning, cleaning, finance deals, rentals and its international network.