A private members club popular with the Conservative Party has started insolvency proceedings.
The Devonshire Club was founded in June 2016 following a £25m renovation of a Regency warehouse close to London’s Liverpool Street station.
The 68-room boutique hotel, brasserie and champagne bar, which was backed by billionaire Tory peer Lord Ashcroft, has filed notice with the High Court of its intention to appoint an administrator. It showed a loss of £5.6m in its last accounts.
It has appointed insolvency experts from Duff & Phelps.
