MHA Acquires Moore Stephens UAE in £7.4 Million Deal

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MHA enters UAE market via Moore Stephens acquisition. 100-person team, £6.5M revenue. Five offices including ADGM.

UK-headquartered professional services firm MHA plc has agreed to acquire Moore Stephens LLC and Moore Stephens Consulting LLC, marking its first entry into the UAE market. The deal, announced on 20 December 2025, values the combined businesses at £7.4 million and is subject to regulatory approval in the UAE.

The acquisition will add approximately 100 partners and staff to MHA's existing workforce of over 2,350 people. Moore Stephens UAE operates from five strategic locations across the Emirates: Dubai headquarters, Abu Dhabi, Abu Dhabi Global Market (ADGM), Jebel Ali Free Zone (JAFZA), Sharjah, and Hamriyah Free Zone.

Transaction Structure and Financial Terms

MHA will pay the £7.4 million consideration through a 50/50 split of cash and new ordinary shares. The share component is priced at 154.5 pence per share and will be subject to lock-in and clawback arrangements consistent with those applied to MHA partners at the firm's April 2025 IPO. An initial payment of £6.1 million is due at completion, with the remainder following agreement of completion accounts.

The transaction is expected to enhance MHA's earnings within the first full financial year following completion. Freeths LLP, which previously advised MHA on its AIM listing, acted as legal counsel on the deal.

Moore Stephens UAE Profile

Established in 1999, Moore Stephens UAE has built a 25-year track record serving clients across the Emirates. The practice is led by Managing Partner Farad Kersi Lakdawala, who brings extensive regional experience including a decade as a partner at BDO's UAE offices from 1991 to 2001.

The firm's projected revenues for the financial year ending December 2025 stand at approximately £6.5 million (AED 31.8 million), up from AED 27.9 million in 2024. Its client base spans financial services, manufacturing, construction, real estate, logistics, oil and gas, trading groups, and government agencies. Moore Stephens UAE holds approval to provide services across all major UAE free zones and is registered with ADGM as an approved auditor.

All three partners and 95 staff members will remain with MHA following completion, ensuring continuity for existing client relationships.

Strategic Rationale

MHA CEO Rakesh Shaunak described the acquisition as another step in building an international platform. "Following the acquisition of BTSEE, the intended acquisition of MS UAE is another step forward in building a larger organisation and an international platform that enhances client service, strengthens our sector capabilities and creates opportunities for our people," he stated.

The move positions MHA to capitalise on significant wealth migration to the UAE. Industry data suggests the Emirates will attract approximately 9,800 relocating millionaires in 2025—the highest globally—bringing an estimated $63 billion in investable wealth. The Dubai International Financial Centre now hosts over 120 family offices and 410 asset managers overseeing more than $1.2 trillion in assets.

UAE Regulatory Environment

The acquisition comes as UAE compliance requirements intensify. From January 2025, auditors must complete 40 hours of annual continuing professional education (doubled from 20 hours), maintain minimum professional indemnity insurance of AED 2 million, and register with the newly established UAE Audit Oversight Board. Businesses exceeding AED 50 million in revenue now require audited financial statements under corporate tax rules.

Industry observers note that 2026 will be the most compliance-heavy year for UAE companies, with full-scale corporate tax audits commencing and expanded anti-money laundering requirements taking effect.

MHA's Growth Trajectory

The UAE deal extends MHA's aggressive expansion following its April 2025 IPO on London's AIM market, which raised £98 million and valued the company at approximately £271 million. The firm completed its acquisition of Baker Tilly South-East Europe in August 2025 for approximately €24 million, adding operations in Cyprus and Greece.

MHA reported revenue of £224.2 million for the year ending March 2025, representing 45% growth on the prior year. The UK's 13th largest accounting firm by revenue has set a medium-term target to become a top-10 firm with annual revenues exceeding £500 million. Following completion, the Moore Stephens brand will be discontinued in the UAE and both entities will rebrand as MHA.