Akroyd-Stuart had lived in Australia in his early years. He was educated at Newbury Grammar School and Finsbury Technical College on Cowper Street. He was the son of Charles Stuart, founder of the Bletchley Iron and Tinplate Works, and joined his father in the business in 1887. Akroyd-Stuart's engines were built from June 26th 1891 by Richard Hornsby and Sons as the Hornsby-Akroyd Patent Oil Engine under licence and were first sold commercially on July 8th 1892.