THE boss of a North-East accountancy practice has announced he is stepping down to pursue other challenges after more than 25 years with the firm. 

Paul Woolston, PwC's Newcastle office senior partner and UK leader for public services assurance, will retire as partner and leave the firm at the end of the year. His successor Bill MacLeod will lead the 300-strong North-East office from January 1. 

In addition, PwC confirmed that next March, the practice will move from Sandyford Road, its office of 25 years to Newcastle's Central Square South to give it space for future growth. 

Mr Woolston, 58, chairman of the North-East Local Enterprise Partnership (Lep), said it was the right time to go as he felt he had "an excellent" successor to take the practice forward.

Asked if the move would enable him to devote more time to his role with the Lep, Mr Woolston said: 

"Lots of people have put a great deal of effort into the Lep and there is a feeling that it is on the cusp of something big. It would be nice to be part of that but it is up to the Board to decide whether I continue as chairman when my three year term runs out next year.

"Whatever happens I'll not be putting my feet up," said Mr Woolston, a keen supporter of Sunderland football club, who joked that he has demonstrated his determination to keep busy by registering for an allotment.  

Mr Woolston has had a distinguished career since joining the audit practice in Newcastle, having previously worked at the Inland Revenue.

He has been based in the region for more than 25 years, being made partner in 1992 and leading the North-East office for the last 12 years. 

Mr MacLeod said: "I'm excited to be given this opportunity.

"Our North-East office has continued to grow through the downturn and I am very encouraged by a wide range of indicators that suggest the economy is improving in the North East. This appointment and our office move mark an exciting time for the Newcastle practice as we continue to grow and recruit the best talent, as well as expand our client base.

“Paul has left the office in great shape and I am keen that we build on this platform to broaden and deepen our relationships. Newcastle is a great marketplace and I'm constantly enthused by the fantastic businesses and people I meet and I'm looking forward to meeting many more in my new role.”

Mr McLeod become senior partner at the firm in January.

He has been a partner for 18 years, starting his career with PwC in Glasgow before moving to the North-East in 2005.

He has also worked for the firm’s New York and Dubai offices gaining international experience and creating global networks. He currently leads the assurance practice in the region and has a wide range of experience having worked with many of the North- East's leading companies over the last eight years.