In a second Scottish transaction, MHA has merged with Edinburgh-based accountancy firm Geoghegans
All four partners, Euan Fernie, Iain Binnie, Lachlan Fernie and Paul Marshall, will remain with the business and become partners at MHA. The 64 staff will stay with the firm, which has a diverse client base from SMEs to larger companies across a variety of sectors, including financial services, engineering, property, construction, and farms and estates.
Geoghegans has been rebranded as MHA and will continue to be based at the firm’s current offices at St Colme Street, Edinburgh.
The merger will enhance the services offered to existing clients, while expanding MHA’s offering across the UK in line with the firm’s growth strategy.
MHA reported fee income of £140.9m for year end 31 March 2023, and has 1,740 staff and partners, with 21 offices across the UK.
The decision to expand in Scotland is part of MHA’s long-term growth strategy. This is the second merger in Scotland after a deal with Aberdeen accountancy firm Meston Reid & Co in October 2023.
Rakesh Shaunak, managing partner and chair of MHA, said: ‘This further expansion is hugely significant for MHA. We highlighted after the Meston Reid & Co merger that we would be looking to expand further in Scotland and this has been achieved.
‘Geoghegans is an excellent merger for us as it enables a move into the thriving Edinburgh market and further into Scotland with a firm which aligns well with our values and commitment to customer service.
‘This move will enable Geoghegans’ clients to retain a highly personal local service, with the added offering of accessing an enhanced range of specialists nationally and internationally.
‘We are retaining all staff in the Edinburgh office, while expanding opportunities for staff development and recruitment. We would not rule out further growth into Scotland.’
Euan Fernie, senior partner at Geoghegans, said: ‘Partnering with MHA – a larger and ambitious firm – means we can expand our offering to clients through the vast network of specialists that will become available.
‘Servicing our valued clients well has always been our top priority and this ethos is more than matched by MHA whose principles are hugely aligned.’
The value of the deal was not disclosed.
The introduction was facilitated by Foulger Underwood on behalf of MHA.
This latest move comes after a recent announcement by MHA and North of England firm MHA Moore and Smalley of an intention to formally merge from 1 April 2024.
The Edinburgh merger is the fourth deal MHA has completed in the past year following mergers with two firms in Wales.
Pictured (l-r): Lachlan Fernie, Euan Fernie, Iain Binnie and Paul Marshall