The buyout market in Bradford suffered a slump in the first quarter of the year.

New figures from the Centre for Management Buyout Research (CMBOR) revealed a drop in MBOs in the region.

The research shows the market failed to recover from the slow finish to 2001 with only six deals completed in the first three months of the year, compared with a total of 17 in the same period last year.

The value of the buyout deals completed in the region was £12 million, compared with around £300 million in the first three months of 2001.

Nationally there was a total deal value of £3.65 billion - which nearly matches the total made in the first quarter of 2000.

David Frith, director of corporate finance at Deloitte & Touche which helped conduct the research, said: "These figures for Yorkshire and Humberside are disappointing and are very much a hangover from 2001 and the continuing mismatch between vendor and purchaser price expectations.

"Vendors without a pressing need to sell are undoubtedly hanging on until there is a more certain economic outlook and forward earnings visibility.

"The length and depth of the recession has been insufficient to cause vendors to significantly modify price expectations.

"On a more positive note, economic advisers are pointing to a more optimistic business outlook and the availability of the more favourable tax regime for corporate and private disposals should provide a welcome boost to buyout activity as the year progresses.''