A 26-year-old businessman and a teenage student have been charged with murdering company director Akhtar Javeed.
Surjat Mistry, from Leicester, and Lemar Wali from Derby, will appear before magistrates in Birmingham on Monday charged with murder, possession of a firearm and conspiracy to commit robbery.
Mr Javeed, 56, died in hospital after being shot in the neck as masked men attempted to rob his drinks distribution firm in Digbeth, Birmingham, on Wednesday February 3.
Mistry, of Laundon Way, Leicester, and Wali, of Osmaston Park Road, Derby, were arrested on Thursday and Friday along with a 19-year-old woman who was held on suspicion of assisting an offender.
The woman has been released on police bail pending further inquiries.
Detective Chief Inspector Martin Slevin, who is leading the investigation, said: "I continue to appeal to people to come forward.
"I firmly believe that someone out there may still have information that could help our investigation and I am urging them to call me or one of my team."
Mr Javeed, who lived in east London, was among five staff members who were tied up at his business premises in Rea Street South, Digbeth.
The father of our is believed to have been trying to fight back when he was shot.
Detectives have seized a silver Renault Megane as part of the inquiry, having appealed for sightings of a car seen leaving Rea Street South with its lights off shortly after the shooting.
Anyone with information is urged to call West Midlands Police on 101 or the independent charity Crimestoppers anonymously on 0800 555 111.