The volume of UK lower mid-market buyouts fell dramatically in the first half of the year despite an abundance of debt available for deals, as investors looked to spread exposure by targeting bigger firms operating in more than one sector.

Just six private equity-backed deals valued at £50m to £100m were completed during the period, less than half the 13 buyouts recorded in the same period last year, according to data published this week by the Centre for Management Buyout Research.