Dawnay, Day directors quit

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Naggar and Klimt resigned as directors of Dawnay Shore Hotels, owner of high profile properties such as the Lygon Arms in the Cotswolds.

Klimt also stepped down as a director of AIM-listed Dawnay, Day Carpathian, the retail property investment firm.

It came less than two weeks after Dawnay, Day went into administration, having fallen victim to the credit crisis.

Naggar and Klimt, each estimated to be worth £235 million, have appointed Ernst & Young to restructure the £2 billion business.

Dawnay Shore Hotels today named Howard Shore its new chairman and said it is to change its name to Puma Hotels to distance itself from the woes of Dawnay, Day.

Dawnay, Day Carpathian and Dawnay, Day Sirius have also announced plans to change their names.