There's been a record-breaking number of deals for mergers and acquisitions in the South West so far this year.

The region saw 354 deals announced in the first half of the year, up 53% on the same period last year, according to data from credit reporting company Experian.

In Gloucestershire, the acquisition of Cheltenham-based electrical, plumbing and hardware wholesalers London Topco Ltd (ADEY), by Genuit Group Plc of Doncaster for £210 million, was the eighth biggest deal in the region.

Also, the legal advisors Harrison Clark Rickerbys, with offices in Cheltenham, were propelled to the top spot nationally for the number of deals it completed during the first half of this year, with the top ranking in the South West with 26 deals.

Rich Wilkey, head of HCR's corporate team nationally, said: "Coming out of lockdown, we knew there would be a high demand for business opportunities, especially given the strong equity and debt markets, and so it has proved. We're delighted to be in the top spot and we fully expect a full pipeline of transactions during the rest of the year for our team across the country."

The South West accounted for 15.6% of all UK deal values and 10.5% of volumes.

Valuations also rocketed, up 293% from 2020's figures to £23.7bn, as the market continued to thrive despite the Covid disruption.

Jane Turner Research Manager, Experian MarketIQ, said: "A positive financing environment and the gradual reopening of society mean that many companies now feel confident in driving ahead with the kind of strategic investment decisions that may have been pushed back during the early stages of the pandemic.

"We've seen several high profile deals already inked in July, and with a buoyant private equity sector continuing to boost Mergers and Acquisitions volume, along with an increasingly favourable economic outlook, the upward trend shows no sign of slowing down as we move further into 2021."

Four of the regions' highest value deals were announced in the period from April to June, with the £958m offer for Chippenham-based Vectura Group being the largest.

According to the survey, despite the offer from a Carlyle Group vehicle having been accepted by the company in late May, inhaler manufacturers Vectura could potentially find itself at the centre of a bidding war, with a rival offer from tobacco giant Philip Morris proving more attractive to the board. Carlyle is said to be considering its options.

In June, Exeter-based utility group Pennon acquired Bristol Water for £814m, in a transaction which increases the size and scale of the group in the South West.

Also in June, Bristol-based Unite Group disposed of two London properties to its London Student Accommodation joint venture with GIC for £342m, with the net disposal proceeds being applied to reduce debt.

In May, Taunton-based Syracuse Waste was acquired by Biffa for £143m from Viridor, in a deal which expands Biffa's collections business and recycling capabilities.

Professional services was the most active industry by deal volume, recording 136 deals in the first half of the year, an increase of 123% on the same period last year.

Values increased sharply from £99m in 2020 to £6.1bn this year, largely driven by the £3bn acquisition by Silver Lake of Independent Vetcare in February.

Wholesale and retail also outperformed 2020, with the level of activity up more than 50% from 42 deals in 2020 to 64 in the year to date.

Manufacturing followed closely behind as the third most active sector, where volumes increased at a slower rate from 57 deals in 2020 to 62.

Nearly all sectors, with the exception of hospitality, registered strong performance in volume, and exceptionally high valuations.