By Scott Wright

A GLASGOW accountancy firm has flagged its ambition to grow through acquisitions as it drafted in a non-family member to lead the practice for the first time.

Russell & Russell, which formed in 1976, has appointed Stuart Clark as its managing director. A chartered accountant, who originally qualified as a physiotherapist, he joined the firm from Johnston Carmichael in 2012.

Russell & Russell was established by Bert Russell and son Ken. Both Ken and his younger brother Alastair remain actively involved, with Alastair becoming chairman as part of the restructuring.

Mr Clark and fellow directors Rosslyn McMaster and Ian McMonagle have already purchased some shares in the practice and their stakes are expected to grow as the business expands.

Russell & Russell has 150 corporate clients and serves customers in sectors such as manufacturing, engineering and services throughout Scotland, elsewhere in the UK and overseas. With 17 staff currently on its books at its office on Royal Crescent, it expects to grow its team to 25 on the back of its flexible working policy.

Mr 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.”