Brain has stepped into the position of chief executive officer of the East Midlands based accountancy group, the first time the firm has operated with a CEO, ‘marking the start of an exciting new chapter for Duncan & Toplis’ while a new leadership team has been created.

He takes over from Adrian Reynolds, who has stepped down from his role as managing director for the past 12 years, but will remain with the firm as assurance director and on the world board of Kreston Global until his term ends in June 2025. He will also lead the Duncan & Toplis Foundation.

As CEO, Brain will oversee a ‘highly ambitious strategy’ for organisational growth, with a focus on expanding capabilities and making acquisitions across the Midlands. He will also work to instil the firm’s purpose, vision and values across the organisation, ‘underpinning long-held principles of doing right by its people, its clients, and its communities’.

There will also be an overhaul of the senior leadership with the creation of the firm’s first C-level executive leadership team, made up of four senior staff, who have all been promoted to lead key business functions going forward.

The promotions include Nicholas Smith, former head of tax as chief operating officer; Kayleigh Williams as chief finance and technology officer, Heidi Thompson as chief people officer and Caroline Cleary as chief marketing officer.

Last autumn, private equity firm Blixt Group invested in the firm with a brief to expand through ‘acquisitive growth’ by expanding across the Midlands through new offices, offering a wider range of services and doubling the size of its 500-strong team, alongside key strategic acquisitions.

The funds were seen as a significant growth accelerator, with Reynolds describing the investment at the time as ‘fundamentally, their support means that in the next few years, we can achieve what we would have hoped to achieve in 10+ years, and that’s very exciting.’

Prior to the private equity investment, Duncan & Toplis reported fee income of £30.9m for year end 31 March 2023, up from £28.8m the previous year, and is ranked 36th in the Top 75 Firms.

Brain has been with the firm for 27 years and started out as a trainee before becoming a partner in 2004. Over the course of his career, he has advised thousands of businesses across the Midlands and has also played an active role on the firm’s management and operations boards.

‘Stepping into this newly created role is both an important milestone for Duncan & Toplis, and an exciting opportunity to lead the group toward a truly ambitious future,’ Brain said.

‘The evolution of our approach to leadership, with a new structure designed to support a faster growth trajectory, will underpin the achievement of our ambitious vision.

‘The next chapter for Duncan & Toplis will be focused relentlessly on matching the changing needs of our clients with our own evolving capabilities and reach.’

Brain also acknowledged the contribution made by his predecessor, who led the firm through the private equity deal.

‘My sincerest thanks to Adrian Reynolds, whose influence on and contributions to the business over many years cannot be understated, guiding it to become the modern organisation we see today and laying the foundations for what we are poised to achieve as we move forward,’ he said.

The group has 11 offices across the Midlands with 41 partners and 450 staff.

Meantime, Duncan & Toplis Legal Services has promoted Amy Codd to head of legal services, strengthening its board of directors. She is the current head of the private client team and will now oversee the whole legal team, including corporate law and property law.

Picture: Damon Brain, CEO, Duncan & Toplis