A British millionaire property magnate has been shot dead outside a five star hotel in Argentina after being held up by armed robbers who police believe followed him from the airport.

Matthew Charles Gibbard, 50, was named locally as the victim of a brutal attack that took place in broad daylight outside the Faena hotel in Buenos Aires.

According to reports, his stepson, Stefan Zone, 28, was also shot in the thigh and is recovering in hospital.

Alberto Fernandez, Argentina’s President branded the incident “atrocious” adding: “We must be severe, we cannot tolerate this. We must seek out those responsible and make them pay with the rigour of justice."

Mr Gibbard is a director at Tingdene, a retirement homes firm, which turned over £20 million last year, according to Companies House.

He is also listed as a director for a local vineyard, and a vegetation management company.

It is understood that they arrived in Buenos Aires’ Ezeiza International Airport on a British Airways flight that landed at 9:20am, and took a taxi to their hotel, along with other family members.

As they were getting out, they were intercepted by two men on a motorcycle who tried to rob them as left the taxi, just before 11:00 am. The robbers, who had been circling the area, also had a support vehicle nearby, it has been claimed.