Administrators from RSM Restructuring Advisory LLP were appointed to the hotel on 29 January,
It comes weeks after the other five Richardson Hotels in Devon and Cornwall fell in to administration. All the properties remain open and continue to trade.
Burton-Race launched a restaurant at the former Grosvenor Hotel in 2016 and the property re-branded with his name above the door in December 2017 following a ‘substantial investment’.
The hotel group’s owner Keith Richardson told Devon Live he ‘spent too much money’ on the refurb, which contributed to the rest of the business falling in to difficulty.
He is now understood to be looking to sell one of the other hotels as part of the administration process.
A spokesperson for RSM told BigHospitality the team were working with Colliers International and the Richardson directors to agree a possible sales strategy, but no decisions have yet been made.
Richardson remains sole owner of the hotel despite Burton-Race's name being above the door.
The chef won his first Michelin star while head chef at Raymond Blanc's Le Petit Blanc in 1983, and went on to win two stars at his eponymous restaurant at London’s Landmark Hotel in 2000.