Mr Nicol has worked with EQ as a non-executive director for the last 14 months. Together with the EQ partners he has been focused on the next phase of EQ’s growth journey.

He will lead the £10 million turnover business with a continued commitment to delivering first class client service, a renewed people and culture strategy and ensuring EQ realise its growth ambitions. The firm currently has 140 staff and 16 partners across three offices in Dundee, Forfar and Glenrothes.

Iain Gordon, partnership chairman, said: “We have been working with Craig for some time now and he has brought a wealth of experience and excellent strategic and leadership skills to EQ, and I am delighted that he will be our new chief executive officer.

“He has impressed us with the impact he has made over the last 14 months bringing ambition and focus and a strong client-first mindset to the role, and by his drive to lead the development of EQ’s future strategy. We look forward to working with Craig at an exciting time for the accounting profession.”

Mr Nicol added: “I have been an admirer of EQ for many years and having worked with the firm in my non-exec director role it has given me first hand insight into what a fantastic, dedicated team we have here.

“I am taking on this role at a time of significant opportunity for our clients, our people and the firm, I am looking forward to delivering on our exciting plans.”