According to research published on Wednesday by the Centre for Management Buy-out Research (CMBOR), the private equity boom is over.

The value of UK buy-outs has nosedived to £10.9 bn this year, down from £24.5 bn in first half of 2007 and the lowest since 2004.

The report shows the value of buy-outs in the £10 m-£500 m range fell to a five-year low of £4.78 bn in the first half, well below the £9.96 bn in the same period last year.

The total number of buy-outs hit a new 15-year low of 255.