Saxon Hotels, headed by the former director general of the BBC, Greg Dyke (pictured), has bought the three-AA-star, 45-bedroom Cutlers hotel in Sheffield out of administration.
The former owner of the city-centre hotel, Meridius, went into administration on 11 September, since when it has been run by management company Convivial Group on behalf of the administrators, FRP Advisory. All 16 staff will retain their jobs under the ownership.
Cutlers is a member of the Best Western consortium and joins nearby sister properties within Saxon Hotels: Mosborough Hall (also part of Best Western) and Whirlowbrook Hall.
Dyke, who is chairman and owner of Saxon Hotels as well as being chairman of the Football Association and chancellor of York University, said the company has performed "well" since he acquired it nearly 10 years ago, and now intends plough substantial investment into Cutlers to bring it up to date.
"The opportunity to acquire Cutlers hotel is a perfect fit for us and our existing management team," he explained. "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".
Phil Pierce, joint administrator and partner at FRP Advisory, said that following interest from 14 parties, it was decided that the acquisition by Saxon Hotels, which he described as "an experienced and high quality local operator", offered the best long-term solution.
"The sale of this landmark Sheffield hotel is a great result for the business, its customers and all 16 staff that transfer over to new owner Saxon Hotels.
The sale of the hotel was handled by Colliers International.