King dethroned as Thai group Minor wins £60m battle for The Wolseley

"We left the appointed administrator in place in order to resolve our dispute with Minor by having a sales process to establish the new owners."We took part in the auction to try and buy the business and assets of Corbin & King that we didn't already own, including of course all the restaurants.

One source said it had been"inevitable" that Mr King would leave the business if Minor won the auction given the fractious dispute - including several legal battles - between the two sides which erupted in the last three months. "We have exciting growth plans for the business and are delighted to embark on this journey with our outstanding employees, the company's key stakeholders, and, of course, our valued customers."

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