McNeilly has spent 16 years in the banking sector and has been with the firm since 2006, spending this time as head of business development.

Previously he has been director at Bank of Scotland where he was responsible for providing finance to owner managed businesses.

Wright will continue to work with Dains in a consultancy role whilst also working with IT solutions, Dains communications and IT business, in an advisory role.

McNeilly said: ‘Spencer has made a significant contribution in promoting both the accountancy profession and Dains during his successful career initially as head of corporate finance and then as chief executive.

‘Under his leadership the business has delivered excellent results for clients, partners and employees and has furthered its reputation as an independent adviser to owner managed businesses which was recognised when Dains was awarded ‘Mid Tier Firm of the Year’ in the 2013 National Accountancy Awards.’

Wright said: ‘The firm is celebrating its 90th birthday in 2016 and I feel that now is a good time to pass the baton on to a new leadership.

‘I’d like to wish Richard and the team every success for the future. I have little doubt that the business will continue to flourish and I am delighted that Richard has taken on the role as managing partner. Richard has been a board member for the majority of his 10 years at Dains and the business has developed enormously throughout this time, growing revenues by almost 70% in the past 5 years.’