Belfast firm Tughans has said it believes transactional activity in Northern Ireland is beginning to return to normality after a slowdown in the wake of the UK’s Brexit vote.

John-George Willis, head of the firm’s corporate department, said: “Our view is that any reduction in the level of M&A activity has been only temporary in duration and that deals are beginning to flow again.”

The firm said there has been a great deal of caution in proceeding with deals in the wake of the “momentous decision” to leave the EU.

This had particularly affected highly leveraged transactions where the ability to repay a loan taken out for the acquisition may be damaged if there is an economic downturn.

In the last fortnight, Tughans helped M&M Contractors buy Mascott Construction, which went into administration earlier this month.

Mr Willis said: “It is pleasing to see local firms seizing these kinds of opportunities and having the courage to invest in the future, especially following the recent Brexit decision.

“M&M have now given themselves a fantastic platform from which to build upon and will allow them to develop their business.”

He also said the successful acuisition showed that the “appetite to do deals in Northern Ireland is still here”.

Mr Willis added: “Although there may be some uncertainty ahead, now is not the time to panic.

“The people of Northern Ireland are resilient and will face whatever comes their way, as will the business community which has been through tough times before and will rally to overcome any new challenge that it might encounter, including Brexit.

“Businesses will quickly learn to go about their normal activity while all this is going on, make no doubt about that.”