Accountancy firm MHA to float next week with £269m valuation

MHA, the national accountancy group, is planning to raise up to £101.8m through its listing on the London Stock Exchange’s AIM market on 15 April.

The UK arm of Baker Tilly will raise £95.8m through a share placing, alongside up to £6m from a retail offer, valuing the firm at a market capitalisation of £269m.

Up to 274,999,985 ordinary shares – a mix of existing and new – will be made available, with 55.7% remaining in private hands post-listing.

The funds raised will support MHA’s strategy to accelerate growth through acquisitions and solidify its position as a top-10 UK accounting and professional services firm, with a target of generating over £500m in annual revenue.

While the fundraising fell short of the £125m initially sought from the share placing, the move marks a major step in MHA’s ambition to scale. The firm first announced its intention to float last month as part of its drive toward becoming a £500m turnover business.

With more than 1,800 staff across 23 offices, MHA was the UK’s 13th largest accountancy firm in 2023/24 and the joint fastest-growing among the top 20.

Its expansion has been driven by a series of acquisitions, including the £30.4m purchase of Moore and Smalley in April 2024, which added 400 staff to the group.

South West accountancy firm Monahans, which operates from 11 locations across the region including Bristol, Bath, Swindon and Taunton, was a member of MHA until 2023, when it joined the Sumer group.