A Sheffield city centre hotel has gone up for sale for £1 million after its owner went into administration.
The Cutler’s Hotel on George Street, a member of the Best Western Group of independently owned hotels, is being sold after owner Meridius Limited went into administration last month.
Joint administrators Phil Pierce and Ben Woolrych, from restructuring and turnaround firm FRP Advisory, put the 45-bedroom hotel on the market after bringing in hospitality agent Convivial Group to manage the day-to-day operations.
The three star hotel was closed over the summer for maintenance work to be carried out but has been fully re-open since October 13, with administrators reporting an ‘encouraging rate of forward bookings’.
Phil Pierce, joint administrator and partner at FRP Advisory, said: “The Best Western Cutlers Hotel is a prized asset at the heart of Sheffield City centre.
“We are delighted to appoint Colliers International as sole agent to assist in the sale of the Cutlers Hotel while Convivial as our managing agents continue to operate the hotel to the highest standards.
“The hotel has long traded as a popular destination for both the leisure and corporate hospitality markets, benefitting from its central location and facilities.
“The administration process has provided the cushion required to invest in upgrading the hotel’s systems and procedures and we now have a strong level of advance bookings stretching into November under the care of our managing agents.”
The hotel is opposite the former Sheffield Banking Company building, which is to be turned into an independent art house cinema, due to open soon.
Meridius entered administration due to ‘unsustainable pressure on the cash-flow of the company under its previous financial structure’.
Interested parties should contact Peter Bean on 0113 2001890.
*Today’s other top stories: