Tue, 11 Mar 2025 | BUSINESS SALE
Yorkshire accountancy firm Shenward has expanded into London with a multimillion-pound acquisition as part of its 2030 growth plans.
Shenward has acquired Harrow-based counterpart John Cumming Ross Ltd (JCR) and its subsidiary Jaycee Comservices Ltd.
JCR is a well established accountancy practice originally based in the City for over 35 years. It has, according to its website, 27 accountancy specialists.
JCR has grown substantially, now operating at an international level. Its services include accounts, payroll and VAT, audit and assurance, financial planning, tax planning and consultancy.
JCR will rebrand to Shenward immediately, with all employees and directors remaining in their current roles.
Shenward said the acquisition would align with its existing London-based client portfolio and established network of partners, introducers, and referrers in and around the city. With offices in Leeds, Cleckheaton, and now London, Shenward provides services including tax planning, audit and assurance, corporate finance, and business advisory.
This acquisition is part of Shenward's UK expansion strategy, aiming to establish a presence in major cities nationwide. The firm has been actively scaling its operations since 2018, when it acquired Leeds-based practice Cox, Costello and Horne. This was followed by the launch of a specialist sports, media, and entertainment division in 2020 and the purchase of a new 8,000 sq ft headquarters in Cleckheaton in 2021.
As a result, the firm has grown on average around 15 per cent each year for the last five years.
By 2030, Shenward aims to acquire two more accountancy practices, welcome a fourth partner and expand to a 100-person team.
Following the acquisition of JCR, Shenward will effectively double in size both from a team and client perspective.
Sherad Dewedi, managing partner at Shenward, said: "We set our hearts on London being the next city for us to establish a base given the growth we've witnessed in our client base and professional network there. So, when we were introduced to JCR as a potential acquirer, it immediately felt like the right move for us. The founding members have built a fantastic business, and we are proud to bring the firm and its team under the Shenward group."
Dilip Unarket, director at John Cumming Ross Ltd, added: "Having met Sherad and the wider management team and learnt about their business, I am confident that acquisition will take JCR to new heights. Right now, businesses are navigating complex financial and regulatory landscapes. With the extra backing of the Shenward team, our firm will be well-positioned to support the increasing needs of businesses."
The acquisition was funded by Lloyds Banking Team and legal services were provided by Eaton Smith.
Find out more about M&A trends in financial services
This well-established East Midlands firm boasts over £90m in funds under management, offering a solid foundation and potential for growth.
This is an exclusive opportunity to acquire a South Wales IFA business with substantial assets under management, offering a stable, recurring income stream.
This is a rare chance to acquire a well-established, chartered financial planning firm with £380 million funds under management, offering a robust client base and a strong reputation in the industry.
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