Following a ‘substantial investment’, the 27-room hotel will be transformed in to a village pub and wedding venue, creating around 50 new jobs.
The site will be Fisher's 11th hospitality venue in the North East of England.
Fisher said: “We will be creating a range of new jobs once the work on The Percy Arms is complete, employing completely from the local area as we have done at our other Northumberland venues.”
He stated that jobs would be available for ‘people in their teens up to their 70s’ and that there would be a range of opportunities for people ‘with and without previous experience’.
“We are going to create somewhere unique but with real rustic charm and we are sure everyone will be excited when they see the fantastic plans we have.
“We know a lot of people in the immediate area were very upset when the hotel closed so hopefully the fact we are going to turn it into a really spectacular location will show our continued commitment to Northumberland," said Fisher.
The Percy Arms Hotel has been closed since it went in to liquidation in 2012. Work will start on the site almost immediately, with the aim of reopening by the end of the year.