Two private shareholders of Austin Reed may be pursued for their assets as receivers were called in at Dawnay Day.

Dawnay Day founders Guy Naggar and Peter Klimt could be forced to sell off some of their businesses as BDO Stoy Hayward was appointed receivers to almost half the business’s£2 billion-plus portfolio.

It is not clear if the deterioration of Dawnay Day will have any effect on the ownership of fashion chain Austin Reed, but it is reported that Naggar and Klimt could be hit by lenders for funds if they cannot be recovered elsewhere.

Austin Reed chief executive Nick Hollingworth was quick to distance himself from the situation. “I should make it clear that we are not owned by Dawnay Day itself, but by individuals and are a separate independent company with its own banking facility,” he said.