A pair of brothers who are among Scotland’s richest men are understood to be circling a £125m portfolio of property assets owned by the ailing Dawnay, Day investment group.

Calum and Stuart Melville, who made a multi-million pound fortune from the sale of their industrial equipment business, are understood to be among a large number of parties who have lodged their interest in buying some of the hundreds of millions of pounds worth of property assets held in the Dawnay Day portfolio.

The Melville brothers, whose Denmore Investments vehicle is understood to be behind the approach, are estimated to be worth about £75m.

BDO Stoy Hayward, the professional services firm that has been appointed administrator to large chunks of the Dawnay, Day empire, is currently registering expressions of interest, and is understood to have received hundreds of enquiries from potential buyers.

Sunday Telegraph