Regional economy is showing small signs of recovery

Jul 1 2009 by Peter McCusker, The Journal

SIGNS of a recovery in both the regional economy and corporate deals activity are finally becoming visible according to the corporate finance specialists who met at a recent debate.

Representatives from Newcastle accountants Tait Walker, Barclays, North Star Equity Investors, and Newcastle law firms Watson Burton and Muckle met to discuss the current market position and to review how corporate finance and the execution of deals has changed over the past 15 years.

Although most agreed that times have changed, following a slow first quarter in 2009, the second quarter was much busier.

Tait Walker's head of corporate finance, Michael Smith said: "I am confident from the work we are doing at Tait Walker and from what my peers are saying that perhaps the local economy has now levelled out, and although there is still some way to go, the North East is in a stronger position than it was in the last recession to make it out of the this one.

"I believe the significant regeneration that has gone on in Newcastle and Gateshead in the past 15 years, the regional skills set, the strength of the local universities and the number of entrepreneurs and investors based here, all go into the melting pot of success."

Duncan Reid, partner and head of private equity at Watson Burton law firm, added "The North East working community is a close knit one with a good atmosphere.

“The skills of the North East are in demand across the globe and we shouldn't underestimate our strengths, or our attractiveness as a location in which to live, work and transact business."

The meeting was held at Tait Walker’s offices in Gosforth.