UK-based private equity groups ventured outside the Brexit-fatigued country for deals last year as they sought to diversify their portfolios amid political uncertainty.

British buyout groups spent £25.7bn on overseas companies over the 12 month period to August 31, up 50% from £17.1bn in the previous year, according to new figures from accountancy BDO. That compares with just £7.9bn they spent in the  same 12 month period ending in 2017.