Nick Basing, the chief executive of Paramount Restaurants, has left the company to join the investment arm of Dawnay Day. It is thought that Basing will head up the groups leisure activities, looking at both UK and international investment opportunities. Basing, who is a past winner of the Best Individual prize at the Retailers’ Retailer of the Year Awards, worked with Dawnay Day managing partner Guy Naggar when the group backed the management buy-out of Paramount. Dawnay Day later sold the group to PPM Capital. Dawnay Day has investments in hotels and is a major shareholder in Premium Bars & Restaurants. Mark Phillips, the former Whitbread executive, is to replace Basing as chief executive at Paramount.