Stodir, an Icelandic company formally known as FL Group and controlled by retail entrepreneur Jon Johannesson, called in the administrators on Monday after the Icelandic government nationalised Glitnir Bank, the country's third largest, and in which Stodir held a stake.

However, Wyndeham has released a statement saying the company owns a "less than 10%" stake in the business alongside Landsbanki and Baugur Group, also owned by Johannesson, and its demise "has no impact on funding or ongoing business".

Paul Utting, chief executive of Wyndeham Press Group said: "Wyndeham's main bank Landsbanki is a strongly capitalised institution with considerable liquidity and a strong credit rating, and Baugur remains a business with an impressive portfolio of investments.

"For us it's very much business as usual and our focus remains meeting the ongoing requirements of our customers."

Fears are growing over the general state of the Icelandic economy following the collapse of Glitnir. Private equity houses and banks based in the country hold investments in a number of leading UK brands.