A boutique investment bank set up by former Goldman Sachs bankers saw revenue in its UK operation fall 30% last year amid a deal drought that has also hit larger rivals hard.

Ardea Partners, led by former Goldman dealmakers Chris Cole and Don Truesdale, posted revenue of $25.4m for its international operations in 2022, down from $35.8m a year earlier, according to accounts released on Companies House on 13 July.