Birmingham property company Hortons' Estate has recruited its latest member of the Horton family to lead the company as chairman.

Peter Horton's appointment follows the retirement of Richard Samuda who has stepped down as chairman and non-executive director after 11 years.

Mr Horton is a fifth generation of the Horton family and the sixth member to become chairman of the business which is behind the long-running restoration of the Grand Hotel in Colmore Row.

A qualified chartered surveyor, he originally worked for Grimley JR Eve, now Bilfinger GVA, before joining Hortons' Estate in 1995. He has served on the board since 2001.

In addition to being a non-executive director of Hortons' Estate, Mr Horton is a divisional director of Investec Wealth, running the firm's Cheltenham office and specialising in multi-asset investment management for individuals and corporations.

The company has also appointed Peter Lee and Simon Gulliford as non-executive board directors.

Mr Lee is a qualified solicitor and spent ten years in private practice with City law firm Reynolds Porter Chamberlain, specialising in commercial litigation and intellectual property.

He currently runs a family office managing trusts and investments and succeeds Richard Kirby who has stepped down from the board after 19 years of service.

Mr Gulliford has extensive corporate and board experience. As the marketing director of Sears, he helped to re-launch and subsequently demerge Selfridges before being appointed marketing development director of publishing house EMAP.

Mr Horton said: "I am extremely honoured to have been passed the chairman's baton by Richard Samuda who has been a loyal servant of the company for the past 11 years, seven of which as chairman.

"Both he and Richard Kirby have made an invaluable contribution to both the company and the Horton family and leave the business in good shape.

"This is an exciting time for Hortons' and I am very much looking forward to working with my colleagues on the board, including Peter and Simon, who each have a wealth of experience in their respective professions to bring to the table, and the management team to develop the business further."