It should have been a great time to snap up struggling companies. Instead, turnaround specialists have been finding it difficult to source deals and market executives warn that the opportunities continue to dwindle as the UK’s economy shows signs of recovery.

Data on the number of UK turnaround deals is not available, yet anecdotal evidence suggests turnaround firms have not reaped the bounty of underperforming companies expected to come to market during the downturn. Turnaround observers blame a scarcity of deals on years of lenient treatment of companies by banks unwilling to take writedowns, as well as low interest rates, which has made it easier for mediocre companies to stay afloat.