Around 2,500 jobs are set to be lost across the country as SLG and its subsidiaries, which includes Bay Hotels, falls into administration.
The COVID-19 crisis has been blamed for the downfall of the company due to a significant cash shortfall.
Specialist Leisure Group also owns coach firms Shearings and National Holidays too, meaning there could be a wider effect to the Island’s tourism industry.
Ernst & Young LLP have been appointed as Joint Administrators.
Mr Sam Woodward has said: