With valuations still well their below their peak, the elephant in the room remains the acquisition intentions of Adecco, whose new chief executive Patrick De Maeseneire started work at the beginning of June.

So how likely is a bid for a UK recruiter in the current climate, which many analysts see as continuing for some time to come? It all depends n the size of the target company, said Roger Steiner, head of research at Kepler Capital Markets in Zurich.

“These days ratings agencies are more conservative, so Adecco does not want to risk their credit rating being downgraded by borrowing too much,” Steiner told Recruiter.

According to Steiner, the maximum that Adecco could borrow without putting their credit rating at risk is €1bn (£0.85bn).

If Steiner is right, this would mean that a company such as SThree in whom Adecco was rumoured to be interested in March, with a market capitalisation of some £232m, could well be in the frame.

However, even in the unlikely event of Michael Page (market capitalisation £750m) doing a volte-face, and indicating that it would be prepared to give up its muchvaunted independence, Adecco simply wouldn’t risk it.

Of course things may change, and if and when visibility improves, and the credit rating companies loosen up, a number of the UK’s professional services recruiters could well see themselves on Adecco’s shopping list.