The Holker Group has appointed Allen Gibb as its new chief executive.

Mr Gibb is the family-owned firm's former finance director and has been with the company since 2011.

He replaces Duncan Peake, who stood down in May, and his appointment follows what the group has described as a "a rigorous and competitive recruitment process".

He said: “I’m truly honoured to have been asked by Lucy Cavendish (the group's chairman) to assume the role of chief executive officer having spent five years as group finance director. The role comes with great responsibility and expectation and I relish the opportunity of working closely with Lucy in taking the Holker Group forward as a major contributor to the business, tourism and social economies of the South Lakes.

“We have fantastic local and international brands in Holker, Cartmel Steeplechases, Holbeck Homes and Burlington to name but a few and the next few years will see us continue to build on the excellent foundations put in place by my predecessor, Duncan Peake.

“The Cumbrian economy is vibrant and with the Holker Group operating in diverse markets we must remain flexible and confident in facing the challenges and opportunities which lie ahead of us. We are fortunate to have a tremendous network of partners in the local economy and I look forward to developing those relationships in the coming months”.

Miss Cavendish said: "Over the last five years Allen has developed and led the strongest finance team the business has ever known. On these firm foundations he is perfectly positioned to lead the continued growth of the group.

"Allen’s commitment reflects my confidence in the exciting future of our business in the years ahead. It is with great pleasure that we welcome Allen as chief executive officer.”

The Holker Group, based in Cark-in-Cartmel, near Grange-over-Sands, is a company with an annual turnover of more than £25m and operates in three very different sectors of the economy - tourism and leisure, property and quarrying.

Its headquarters is at Holker Hall, a Grade-II listed building, the ancestral home of the Cavendish family, which attracts tens of thousands of visitors each year.

More people flock to two popular festivals held in the grounds. The biggest of these is the annual garden festival, which takes place in June and there is also an annual chilli festival.

In addition, there are about 100 cottages on the estate’s land – which covers 17,000 acres – and two thirds of these are let on the open market.

The estate is home to a large number of tenant farmers. Produce includes cheese, honey, venison and Beef Shorthorn cattle.

As well as agriculture and forestry, the group receives income from country sports such as shooting, stalking and fishing. It is the owner of two holiday parks – Longlands at Kirkby-in-Furness, which has 390 pitches, and Old Park Wood at Cark-in-Cartmel, made up of 220 holiday homes.

Alongside the hall, the most visible part of the group is Cartmel Racecourse, which holds several fixtures a year and is used for corporate events.

Another branch of the estate is quarrying business Burlington Stone, which has roots back to the 1840s. This extracts and crafts a variety of stones and has showrooms in Kirkby-in-Furness, London and Dallas, Texas.

The group has a growing interest in property.

Holbeck Homes was set up in the late 1960s and has built properties in Barrow,Walney, Ulverston, and Coniston. It also has plans to construct more properties on Holker-owned sites that have been earmarked for housing in the South Lakeland District plan.

The group owns Devonshire Buildings, two sets of flats on Barrow Island and is also involved in Corrie & Co, a partnership between estate agent David Corrie, with branches in Barrow, Ulverston and Millom.