The problems at Alliance Medical show that the sector is far from out of the woods. The high levels of debt taken on in 2006-2008 will be a curse for several years.

It is not clear whether Alliance is in breach of its banking covenant but plenty of reasonably successful companies face that risk. The agreements they signed typically assumed that, thanks to growth, debt levels would fall. So it is the debt to profit ratios agreed for 2011 and 2012 which could trip up many companies.

And a rise in interest rates could also do serious damage. No wonder there is so much interest in issuing corporate bonds.

Of course, there is much more to the sector than a never ending game of pass the parcel with a limited number of properties. There are plenty of well, frankly somewhat elderly, entrepreneurs looking to eventually sell the businesses they have built up.

But as one bank put it to me the other day – why sell in the current environment? Almost any return from your business has to be better than what you can get if you cash out and invest in shares or bonds. I hope you enjoyed your holiday.