A RECORD-breaking year has been announced by the corporate finance department of York accountants Garbutt & Elliott.

The firm, which has offices in York and Leeds, completed 23 deals worth £160 million last year, compared to 16 worth £100 million in 2005. The average value of these deals rose from £6 million to £7 million.

David Dickson, the firm's managing director, said: "We are delighted with the results. After a steady start to the Yorkshire deals market last year, activity increased significantly and we finished 2006 on a high."

Corporate finance director, Richard Feltham said: "Our results graphically underline the buoyancy of the current market. Our specific focus remains on the buying, selling and raising money for owner-managed businesses in Yorkshire and Humberside.

"We have an enviable track record of getting things done in this market and look forward to building on this reputation in 2007."

Three major transactions in 2006 involved Innovate Logistics, which acquired Grampian Country Transport, based near Doncaster, from Grampian Country Food Group.

Shortly after making this acquisition, a controlling stake in the Innovate Group was sold to Eimskip, an Icelandic listed business, in a significant mid-market deal. Innovate subsequently bought Corby Chilled Distribution, making the company the largest temperature-controlled logistics and distribution operator in the UK.

Stephen Dargavel, the joint managing director of Innovate Holdings, said: "The level of service and professionalism shown by Garbutt & Elliott is at least the equal of our experience of the Big Four accountancy firms".

Meanwhile, Garbutt & Elliott's Russell Turner, brokered the £6 million merger of two of the UK's most innovative motor software companies, one of which is based in North Yorkshire.

The Universal Training Co Ltd (UTC) of Knaresborough joined forces with q.bit Systems Ltd of Berkhamsted in Hertfordshire to create a new company called q.bit (Holdings) Ltd.

Other Garbutt & Elliott transactions last year included fund-raising for the Harrogate software developer Erudine, working with management on the disposal of e-tailer dabs.com, the management buy in of foundry business Batley Foundries and the acquisition of Dewsbury-based County Doors Ltd.