Buy-outs valued at more than £100m (€148m) are the most likely to achieve a successful exit, according to a think tank. The Centre for Management Buy-out Research said 40% of deals completed since 2000 have led to a sale.

The research unit, set up at Nottingham University by Barclays Private Equity and Deloitte, found the exit rate was lower for buy-outs worth less than £10m. Just 16% of such deals since 2000 have been sold.