The YTD 2023 report details that both firms advised on 12 deals. Brodies followed with 10; DWF with nine and Pinsent Masons with eight.

Whilst the overall picture of M&A activity in Scotland mirrors the downturn seen across the rest of the UK, and global markets, the professional services sector bucked the trend, recording growth of 21 per cent in the volume of deals.

This year, 92 deals were recorded, in contrast to 76 last year. Manufacturing enjoyed a year-on-year increase in value, from £2.05 billion last year to £2.44bn, despite a fall in volume.

Jane Turner, research manager, Experian MarketIQ, said: “The slowdown in UK and Irish M&A that took hold in the second half of 2022 has persisted deep into 2023, as companies adjust to headwinds driven by inflation and escalating interest rates inflate the cost of financing deals.

“However, a silver lining has emerged in the form of a resilient small deals market, and we’ve seen both corporate and private equity buyers still prove keen to deploy mounting cash reserves in this area.

“Meanwhile, ARM’s multi-billion New York flotation was among the largest ever launched by a UK business, and while the UK IPO market remains subdued, a recent uptick in the US raises hopes that a domestic recovery could follow next year.”