An accountancy and business advisory firm with strong roots in Preston has been floated on the stock exchange.

MHA – previously MHA Moore & Smalley – was valued at £271million when it became publicly listed during Tuesday 15 April on the AIM – which helps smaller to mid-size companies secure funding and backing from the London Stock Exchange.

The firm, which has offices in Winckley Square and is a major employer in the city with 240 staff, has raised £98million by becoming one of the largest initial public offerings (IPO) in the last five years for a firm of its type.

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Chief executive officer of MHA Rakesh Shaunak said: “This is an exciting day for our firm, our people and we believe a welcome one for the London market. We have been delighted by the positive response we have had from investors and our clients since we announced our intention to float last month.”

“With the substantial amount of capital raised, MHA can make investments in technology, in particular Artificial Intelligence, as well as fund further acquisitions to become an even more attractive proposition to new recruits at both a senior and entry level. Control of our strategic destiny will very much remain in the hands of our Board and our partners.

“Going down the IPO route will also give our people a real stake in the future of our business via a significant employee benefit trust. And crucially, it would allow us to offer equity participation to future partners and leaders, ensuring they have a direct stake in the firm’s continued growth.”

The MHA brand formally merged with the Moore and Smalley group last January. The Moore and Smalley Group dates back to 1892 in Preston where it was founded.

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