The hotel group, which is owned by former director general of the BBC Greg Dyke, will now operate the George Street hotel and plans to retain all 16 staff currently employed there.
“We will be investing substantially to bring this popular city centre hotel right up to date to meet our guests’ expectations,” said Dyke.
“It’s such a perfect location for business and leisure users alike. I’m confident it will be a successful and long-term contributor to Sheffield’s increasingly vibrant urban life.”
Cutlers Hotel is a member of the Best Western Group of independently owned hotels and was sold as the principal asset of Meridius Limited, which went into administration on 11 September 2014. Since then it has been run by hospitality agent Convivial Group, employed by the hotel’s administrators FRP Advisory to manage its day-to-day running and honour forward bookings.
The hotel sale was handled by Colliers International, which recieved multiple bids in excess of the asking price. Saxon Hotels, which operates Mosborough Hall, another Best Western Hotel, was considered a ‘strategic fit’ which offered the ‘best long-term solution’ for the hotel.
Partner at FRP Advisory Phil Pierce called the sale a ‘great result’ for the business and its customers and staff.
“Interest in the hotel was widespread and we received competing offers for the business, but in Saxon Hotels we have found an experienced and high-quality local operator offering the best long-term solution for Cutlers Hotel,” he said.
Dyke added:“Our business in Sheffield has performed well since we acquired it nearly 10 years ago and has established a good reputation with many local companies and organisations.
“The opportunity to acquire Cutlers Hotel is a perfect fit for us and our existing management team. I am personally delighted we have been successful in this purchase and look forward to building on the strong relationships we have built up over the last decade or so in Sheffield.”