MHA plans London flotation splitting £80 million windfall between partners

Dozens of current and former partners at MHA, the British arm of Baker Tilly International, are set to share £80 million following the announcement of the firm’s plans to float on London’s Alternative Investment Market (AIM). The move, confirmed on Monday, will see the accountancy firm raise £125 million through its initial public offering (IPO), with nearly two-thirds of the proceeds earmarked for partners selling their shares.

Of the funds raised, £45 million will be invested in artificial intelligence technology, reflecting MHA’s commitment to innovating within the increasingly competitive accountancy sector. The firm’s group chairman, Rakesh Shaunak, described the IPO as a key step in MHA’s growth ambitions, providing a platform for scaling operations, driving innovation, and seizing market opportunities.

MHA, which ranks as the 13th-largest accountancy practice in the UK, employs more than 1,800 staff across 26 offices. The firm’s most recent financial year saw it generating an underlying profit of £61.6 million on revenues of £154 million. Medium-term goals aim to boost annual revenues to exceed £500 million, signalling its ambitious growth trajectory.

While private equity investment has surged in the sector, MHA’s decision to pursue a public listing sets it apart from several of its rivals. Competitors such as Grant Thornton and Moore Global have sought private equity backing to fund technological upgrades, but MHA believes its public listing will preserve its distinct identity and operational values while opening doors to new investors.

This move also provides a much-needed boost to the London stock market, which has seen limited IPO activity in 2025. Only three companies have listed in the City this year, including Vinanz, RC Fornax, and Achilles Investment Company. Market analysts view MHA’s decision to float in London as a positive indicator for AIM after an extended period of subdued activity.

As the accounting industry grapples with rapid technology-driven change, MHA’s investment in AI aligns with broader efforts across the sector to adapt and modernise. While enthusiasm for external capital is tempered by regulatory scrutiny, the firm’s IPO could serve as a benchmark for nurturing sustainable growth without compromising professional standards.