The Birmingham property developer which renovated the city's famous Stock Exchange building is under new ownership following a management buyout.

City centre-based Stoford will be led by joint managing directors Dan Gallagher and Matt Burgin while its founder Dominic Stokes is retiring.

Stoford was launched by Mr Stokes in 1996 to focus on occupier-led, pre-let commercial property developments since when it has completed commercial projects totalling more than 13 million sq ft with a value in excess of £1 billion throughout the UK.

Its other projects include the £120 million Worcester Tech Park and Garden Court, the £3.8 million renovation of Grade II-listed almshouses in Edgbaston.

Mr Stokes, who is retiring to concentrate on other business ventures, said: "It has been an amazing journey and I'm extremely proud of everything that Stoford has achieved in the past 20 years.

"I'm confident that Dan, Matt and the team will drive the business forward to even greater heights."

Directors Jon Andrews and David Brown have stepped down from their day-to-day roles but Mr Andrews will remain on as a non-executive director while Mr Brown will continue as a consultant, supporting the development team.

Shareholders Tony Nash, Gerard Ludlow, Julie Craig and Alex Morgan will remain with the business while Angus Huntley, who has recently joined from Savills, will assist in developing Stoford.

In a joint statement, Mr Gallagher and Mr Burgin said: "The huge success Stoford has enjoyed over the past 20 years is a tribute to the enormous contributions made by Dominic, David and Jon.

"The buyout represents the start of an exciting period for Stoford as we embark on the next phase of growth.

"The last 18 months has seen a sustained, positive upturn in market conditions, which has allowed the Stoford team to thrive across a number of sectors.

"Our continued push into the industrial and logistics market has been further enhanced by market movements including a lack of supply and increased demand, allied with record investment yields, creating a market ripe for expansion."