Doughty Hanson, a UK-based buy-out firm currently raising €3bn of new funds, has lost €70.3m ($85.3m) on its investment in Ilford Imaging, which produces black-and-white photographs.

Grant Thornton has been called in as administrators to Ilford, which owes banks, led by UBS, Bank of Scotland, Morgan Stanley and JP Morgan Chase, $75m (€61.8m).