THE corporate finance team at the North East and Yorkshire offices of business advisory and accountancy practice Deloitte has completed over £1bn deals in the first half of the year.

It advised on two major transactions in the region: the purchase of Consett-based Romag by Sunderland housing group Gentoo, and the sale of Gateshead-based Executel to telecoms giant TalkTalk.

The Newcastle office of Deloitte, which recently moved into new premises in Trinity Gardens, disbanded its own six-strong corporate finance team two years ago. Its deal-making team now operates out of its Leeds office, with advisors using the Newcastle office as a base when in the region.

Martin Jenkins, Deloitte’s head of corporate finance across Yorkshire and the North East, said: “It is pleasing to see an upward trend since the turn of the year.

“We are seeing activity in the North skewed more towards strategic M&A activity and away from distressed activity, albeit certain sectors, notably retail, are clearly under pressure.

“Our performance over the first six months of this year has been strong and reflects not only more favourable market conditions but, also, the quality of the Deloitte team and the insight we can bring.

“We have developed deep industry expertise and this has been a key success factor in most of our deals.”