Embattled transport group National Express signalled an improvement in relations with its biggest shareholder yesterday, after it revealed 90.5 per cent of new shares were taken up in a £360 million fundraising.

Spain’s Cosmen family, which owns nearly 20 per cent of National Express, originally voiced opposition to the rights issue. But the Cosmens have since decided to take up their rights and pump in £74 million to maintain their share.

This year, National Express has surrendered its loss-making East Coast rail franchise, fended off takeover approaches and faced union action, and been told that its East Anglia rail franchise is to finish three years early.