Dawnay Day, the £2 billion financial conglomerate run by two of Britain's richest men, has brought in administrators to restructure a number of its businesses after falling victim to the credit crunch.

Guy Naggar and Peter Klimt, each estimated to be worth £235 million, appointed Ernst & Young over the weekend after failing to secure a last-ditch fundraising.

Dawnay Day controls and owns stakes in a vast range of assets, including The Wolseley, the London restaurant, the Carlton Hotel in Edinburgh and Hertie, a German department store chain.

Mr Naggar and Mr Klimt also have their own personal shareholdings in Austin Reed, the clothing retailer, and a host of property investment companies with real estate in Europe, the United States and India.

It is as yet unclear which assets may be affected by the squeeze on Dawnay Day's finances. A spokesman for the conglomerate refused to comment last night on which may be placed into administration.

Ernst & Young was brought after Dawnay Day was forced to sell a 20 per cent stake in F&C Asset Management at a loss of more than £80 million on Friday after a margin call from its financial backers.

The restructuring effort is being led by Alan Bloom, the Ernst & Young partner who oversaw the administration of both Railtrack and Metronet, the London Underground contractor.

Dawnay Day has been one of the City's biggest investors over the past six years and Mr Naggar and Mr Klimt have set up a complex web of 200 subsidiaries. The group completed a £750 million refinancing at the beginning of the year, taking out a mortgage with Norwich Union, but the conglomerate now needs additional capital.

Set up in 1928, Dawnay Day has been run by Mr Naggar and Mr Klimt since the early 1980s.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive