The North West has been the backdrop for some of the largest 海角视频 deals in recent times involving industry giants such as The Hut Group, Victorian Plumbing and 海角视频Fast.
Those mergers, acquisitions and stock market floats have helped turbocharge the region's economic growth in years gone by and are now assisting in its recovery from a turbulent 18 months.
But behind every deal lies advisory firms hired to represent their clients and get the best possible deal, with the added incentive of being paid the majority of their fee only if a transaction is completed.
So what exactly is the role of an advisory firm and how do their actions help drive economic growth in Greater Manchester and beyond?
In an exclusive interview with BusinessLive the chief executive of Manchester-headquartered GCA Altium, Phil Adams, explains.
Background
Phil Adams has been with the firm since November 1996 when it went by the name of Apax.
Originally from Liverpool, Mr Adams worked in London during his 20's before becoming the first junior in the Manchester office.
He became head of the office in 2002 before rising to 海角视频 CEO in 2008 and Europe CEO two years later.
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Mr Adams helped lead the merger of the firm, now called Altium, with GCA in 2016, and now chairs the global board.
The group is listed on the Tokyo Stock Exchange and is forecast to generate a revenue of $310m this year, with about half coming from its European operations.
It is headquartered in Manchester, with other 海角视频 offices in Birmingham, Leeds and London, while it has more than 500 employees worldwide.
What is the role of an advisor?
"The role of an advisor is to drive competitive tension", Mr Adams says.
"Your aim is to get the best price for your client as possible.
"You are the project manager with the work lasting typically between four to nine months, depending on the client.
"We work with the business and prepare it to be brought to market.
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"It's quite an intensive process which involves supporting the management team with the presentation they will give to potential investors.
"Sometimes you approach as many as 25 potential backers but, depending on the deal and what the client wants, it can sometimes just be the one.
"A lead advisor coordinates with the other law firms and advisors involved in the deal and sees it through to completion which is when the deal is announced publicly.
"At GCA Altium, we have a deals origination team whose job it is to find new companies that we can work with.
"But also a lot of our work comes from reputation and referrals after one of our deals has been completed.
"Lead advisors can also be involved in shaping a company's board, introducing new non-executive directors and chair persons, as part of the deal process."
Track record
GCA Altium's main focus is on technology, industrials and consumer and retail sectors.
Its previous deals include selling MyProtein to The Hut Group and recently advised Victorian Plumbing on its IPO.
That latest deal was the largest ever float on the London Stock Exchange's Alternative Investment Market (AIM).
The Manchester office also worked on a move which saw Inflexion, the private equity backer of the likes of Mountain Warehouse, 海角视频Fast and Virgin Experience Days, acquire a Manchester-based IT company in a move which will create more than 100 jobs this year.
Eyeing future growth
Mr Adams has also shed light on his plans to continue to grow the firm's Manchester office, which he helped make its headquarters when he took over as chief executive.
"We currently have a team of about 40 based in Manchester, including myself and the likes of the European CFO, head of IT and chief of staff.
"The office has grown in headcount by c.30% over the last 18 months and I would expect that kind of expansion to continue.
"Manchester is a great place for our headquarters to be located and it has enabled us to attract some high quality people to the firm.
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"But what you also get with the firm is that local team and the access to other offices around the world.
"I'm not looking at opening other 海角视频 offices at the moment, having opened our latest in Birmingham last year, as our teams aren't just focused on the immediate area where they are based.
"The Manchester team, for example, can look after companies which are based in Liverpool such as Victorian Plumbing, and we've found that flexibility to be very rewarding."
Business activity bouncing back
The CEO was speaking after the latest 海角视频 regional PMI data from NatWest revealed that business activity across the North West private sector continued its recovery in June, with the pace of growth easing only slightly from May's record high.
The headline North West Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – registered 65.0 last month, down slightly from an all-time high of 66.4 in May.
Reacting to the new figures, Mr Adams said he has also seen business activity growing in Manchester in recent months.
"Things are better but things are still tough.
"Hospitality and retail are having a very hard time and Brexit and Covid have not helped matters.
"The main problem is the lack of resources. There are fewer European workers in the city than there were before Brexit and Covid and that's putting a strain on companies.
"It is of course a good opportunity for young British workers, but in the short term businesses are finding it very hard."