The management buyout (MBO) sees the Warrington firm transition from its current partnership model to a new corporate structure to support with future growth plans, buying out Jackson Stephen LLP, which trades as JS, from owners Dianne Brennan and Peter Atkinson.

The new structure will see Lucy Williams head up the firm as managing partner. She has been at the firm for eight years, most recently as tax partner.

The previous owners, former managing partner, Diane Brennan and senior partner, Peter Atkinson, will remain active partners in the firm and will continue to work closely with Williams and the new management team going forward.

With a team of 90, the current JS management team is made up of Lucy Williams, Chris Moss, James Wood, and Steve Crompton, who will continue to be known as partners. The firm has also made two new partner appointments, Emma Bowles to tax partner and Emma Birchall to accounts partner, and they will both join the management team.

JS has ambitious plans to grow over the next 10 years. It aims to do that while remaining independent and owner-managed and continuing to focus on its core market of owner-managed SMEs.

Lucy Williams, managing partner at JS, said: ‘This move marks a bold and exciting next step in JS’s history. At our core we have always been focused on delivering best-in-class service to owner-managed businesses.

‘This MBO will allow us to continue on that journey, while unlocking significant growth for the business.

‘The pivot away from the traditional partnership structure will allow us to more effectively implement our ambitious 10-year strategy, while ensuring career progression and development remains at the heart of who we are.

‘At a time when many accountancy firms are being acquired by larger counterparts or consolidators, we’re proud to maintain our independence as a firm.

‘It’s an exciting time for JS and I look forward to working closely with the management team, alongside Diane, Peter and the Jackson family, to continue driving the firm forward over the coming years.’

Diane Brennan, former managing partner at JS, added: ‘Over the last 20 years as managing partner, I have seen JS continue to grow and change, and this MBO is no different.

‘We’ve built a firm that truly values its people and clients, putting JS in a strong position to continue delivering on this moving forward.

‘Having worked closely with Lucy and the current management team for a number of years, I’m excited to be working alongside them in this next chapter, continuing to deliver exceptional service to our outstanding clients.

‘I can’t wait to see how JS continues to evolve and grow over the coming years and wish the team the very best of luck.’

JS has been in the Jackson family for over 100 years and the new owners confirmed that John and Helen Jackson will remain ‘committed and invested in the firm’, adding ‘that is not changing’.

John Jackson, former senior partner at JS, added: ‘JS has been in the Jackson family for over 100 years, and we are very happy that will continue with our investment in the new firm. 

‘We have every faith that the current management team can continue to grow the business, building on the work Diane and Peter have done, and we look forward to being part of that journey.’

The firm focuses on working with owner-managed businesses across the UK, and currently delivers services including audit, accounts, tax advisory, compliance, management consultancy and digital finance transformation.

Hill Dickinson provided legal advice to the buyside and Bermans advised Brennan and Atkinson.