Stuart Clark has been appointed managing director of the Glasgow-based firm, which was set up in 1976 by Bert Russell and his son Ken. Ken’s younger brother, Alastair Russell, has become chairman and both Ken and Alastair are still actively involved in the business.

Mr Clark and his fellow directors, Rosslyn McMaster and Ian McMonagle, have already purchased some shares in the business and as the business continues to grow more ownership will transfer.

Originally qualified as a physiotherapist with a degree from Glasgow Caledonian University, Mr Clark switched careers a year after graduation, joining the Edinburgh office of accountancy firm Johnston Carmichael in 2005.

He qualified as a chartered accountant and moved to Glasgow when he joined Russell & Russell in 2012. From there, he worked his way up to director level before taking on the managing director’s post.

Ms McMaster has been at Russell & Russell nearly 20 years, having originally joined the firm in 2000 as an administrative assistant. She began her accountancy training the following year and qualified in 2006, when she took up the post of client service manager. She was made a director in 2014.

Mr McMonagle, a qualified chartered tax advisor and member of the Chartered Institute of Taxation, worked early in his career for 12 years at HMRC and has over 40 years of taxation experience. He joined Russell & Russell in 2006.

With 150 corporate clients, Russell & Russell serves customers throughout Scotland, the rest of the UK and overseas, operating in an array of industries including manufacturing, engineering and the services sector. The firm’s focus is on providing a personal, integrated service to owner-managed businesses.

It has brought in four trainee accountants in the past 12 months, taking its total number of team members to 17. The firm’s flexible working policy should allow it to grow the team to 25 within its current offices in Glasgow’s Royal Crescent.

Stuart Clark said: “In the next three to five years, we would like to triple our turnover and this growth could well come through acquisitions, as we believe the shift towards Making Tax Digital will lead some of our competitors who are nearing retirement to exit the accountancy profession.

“One of our biggest challenges will be to maintain the personal level of service that we provide while also expanding. This is crucial as it is what sets Russell & Russell apart.

“It’s great also to have both Alastair as chairman and Ken still actively engaged in the business. They have a wealth of experience and knowledge that will be invaluable as we move forward.”

Alastair Russell added: “With Stuart and Rosslyn in the driving seat, we have a young management team in place to take Russell & Russell to the next level. These are very exciting times for our firm, as we have some bold new developments on the horizon.”