Dealmakers defy the downturn
Oct 1 2008 by Peter McCusker, The Journal
FIGURES for the first six months of the 2008 financial year show the region’s top dealmaking team is based at independent Newcastle-based accountancy firm RMT.
Its corporate finance team notched up 12 deals over the period worth a total of £40m, finishing one place above Tait Walker who racked up 11 deals in the same six months. Recent figures reported in the Dealmakers showed that the level of North East deals in the first six months of the calendar year had fallen by 20%.
And earlier figures from the Centre for Management Buy-out Research, founded by Deloitte and Barclays Private Equity, showed that the average deal value this year has plummeted to its lowest since 1994.
However RMT’s corporate finance team say that despite the gloom there remains a “healthy level of optimism” in the regional business community.
Martin Stephenson, corporate finance director at RMT, said: “I am delighted at this result. We currently have a team of eight in our corporate finance and tax team and there are further plans for expansion. RMT has a wealth of experience in the corporate finance arena and has had a very successful year, with a number of further substantial deals also nearing completion.”
Headed up by corporate finance partner, Maxine Pott, the RMT team has recently worked on deals including the management buy-out of Saltwell Signs Ltd in Team Valley, with funding from Alliance and Leicester. Jason Hathaway, new owner of Saltwell Signs, said: “I only want to use the best professional companies to help my company grow. RMT does not disappoint – it is a very proactive business which offers the full works.”
Ms Pott said: “The evolution of our corporate finance team is an excellent reflection of the great work being done at RMT. We are looking at recruiting an additional corporate finance manager to help with the demand for our services. Despite being faced with the credit crunch and rising costs, there remains a healthy level of optimism in the North East business community.
“The region has some very good corporate finance teams and it’s excellent news that we rank among them.”
The figures for the first six months of this financial year were produced by corporate finance specialists Corpfin.
Earlier this month separate figures from Corpfin showed the value of deals completed in the North East had decreased by 86% from £4.9bn to £690m. RMT, which was established in 1954 as Robert Miller Tate & Co, employs over 100 people, led by six partners.
