Speaking at a London event organised by entrepreneurs’ network TiE UK, Hauser commented, ‘It’s dire out there. We are reducing burn rate and extending the runway [for an exit] for when the economy gets better.’

Hauser claimed Amadeus had been successful in raising funds to invest, but added, ‘For many many firms it has been extremely difficult to raise funds. It’s much harder to put a syndicate [of investors] together.’

Though Hauser said refinancing a company in the current economic climate demanded an effort nothing short of ‘heroic’, he claimed there were some compensating factors.

‘I have never seen higher quality proposals on my desk; the entrepreneurs are also there to execute these ideas,’ he stated.