Acquisition doubles size of accountancy and advisory firm

Accounting firm, Shenward, has strengthened its presence in the UK’s capital with the acquisition of Harrow-based accountants John Cumming Ross (JCR) and its subsidiary Jaycee Comservices.

The deal will see JCR rebrand to Shenward immediately, with all employees and directors remaining in their current roles.

The acquisition is a strategic move for West Yorkshire-based Shenward, aligning with its existing London-based client portfolio and well-established network of partners, introducers, and referrers in and around the city.

Shenward is a full-service accountancy and advisory firm. Its offices in Leeds, Cleckheaton, and now London, provide services, including tax planning, audit and assurance, corporate finance, and business advisory.

The firm has been 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 business has grown on average around 15% 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.

The acquisition of JCR means 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.

“London is a global hub for financial services and a key driver of the UK economy, and so the demand for professional accounting advice and business support has never been greater. I can’t wait to see what opportunities this move presents for our team and our clients.”

John Cumming Ross is an established accountancy practice helping clients remain compliant and become more efficient with their financial affairs.

Since being founded almost four decades ago the firm has grown substantially, now operating at an international level and has over 20 employed professionals.

Dilip Unarket, director at John Cumming Ross, said: “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.