The future of some of the UK’s most high profile hospitality operations, including The Wolseley, has been thrown into doubt after investment giant Dawnay Day launched an emergency review of its businesses.
The company, which has a 50% stake in the famous London restaurant, has called in administrators from Ernst & Young to carry out the review after failing to raise the funds it needs to keep the company afloat.
The group, which has been hit by large losses on investments, owns 20 hotels under a joint venture with Shore Capital, called Dawnay Shore Hotels.
The hotels, which have been managed and leased by Barceló Hotels & Resorts since last September, include the Lygon Arms in the Cotswolds, The Carlton in Edinburgh, The Majestic in Harrogate and The Imperial in Torquay.
So far, Dawnay Day has only put its investment banking division up for sale but it is expected that more companies and holdings will be offered to buyers.
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By Daniel Thomas
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