Deloitte's axe North East team after deals decline

May 20 2009 by Peter McCusker, The Journal

ONE of the main accountancy firms is axing its six-strong North East based corporate finance team due to a sharp decline in dealmaking.

Global business advisory service Deloitte says any corporate finance work from this region will now be handled from its Leeds office.

The loss of the dealmaking team is being attributed to the dramatic decline in activity, particularly in the realm of private equity-backed leveraged buy-out deals in which Deloitte was particularly strong.

Paul Williamson, senior partner at the Deloitte office, Grey Street, Newcastle, said: “In terms of the current market there has been a significant reduction in demand for corporate finance advisory work and as a national firm we have to consider where to effectively deliver resources.

“ We will continue to serve the North East corporate finance market from our Leeds team.

“We are absolutely still open for business and we will continue to operate in corporate finance advisory field in the region.”