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After the flurry of corporate finance deals in Scotland in the lead up to the implementation of the capital gains tax changes, transactions have slowed. But accountancy firms north of the border continue to bolster their advisory teams.

Grant Thornton expanded its corporate finance team this week, with the appointment of Scott Langlands and David Sloan, along with announcing a series of promotions in that division.

Similarly, Graeme Smith was hired by French Duncan in February as part of an expansion in its growing corporate finance arm.

David Cockburn, who is elevated to partner at Grant Thornton today, said there was no sign of a let up over the last year and that there was a strong pipeline of deals in the mid-market.

Graeme Cassells, partner at PKR in Glasgow, admits the firm is looking to recruit in this area, but says the market has slowed since Alistair Darling’s new tax rules.

“It was very busy into the run up to the end of the tax year, because a lot of private businesses were taking advantage of the changes to the capital gains tax, so there was always likely to be a lull in April, May and June. Nevertheless, there are still deals being looked at and this kind of marketplace creates good opportunities for those investing in or buying businesses.”

Craig Campbell, corporate finance director for Deloitte in Glasgow, adds: “In Scotland, there is quite a significant amount of corporate finance activity in the small to medium sector and a large number of players in that market. This is holding up in the face of a difficult period for corporate finance transactions, but it has plateaued since the capital gains tax deadline.”

Cassells thinks that the reason for the increased activity is because now is a good time to pick up hard to find talent.

“It’s a good time to find candidates because there are more on the market than there has been in the past. When the markets were booming the banks were recruiting a lot of staff. While there’s a lull it’s an ideal way to pick up talented staff for when things pick up again, as they undoubtedly will.”