1car1, one of the largest independently owned car and van rental companies in the country, has gone into administration.
Staff at the Leeds-based company have been told of the situation.
Management has declined to commemt under they have met with the administrator later today.
Seven hundred people are employed at the company
According to today's Sun newspaper, staff were sent a memo stating that: "We cannot guarantee salaries will be paid as normal at the end of this month.”