FA chairman Greg Dyke’s company, which snapped up the Cutlers Hotel in Sheffield city centre in 2014, has returned to profit.
Saxon Hotels reported a pre-tax profit of £21,031 in the year ended March 31 2015 - compared to a loss of £76,344 the year before.
It comes after the company bought the 45-bedroom Best Western Cutlers Hotel on George Street out of administration. It has owned the Best Western Plus Mosborough Hall Hotel since 2004, and in June 2013 re-opened Whirlowbrook Hall, Whirlow.
A report by accountants states turnover is up £352,000, some 18 per cent.
In the year ended March 31 2015, Saxon employed 86 people with pay costs of £932,982.
The two directors, Greg Dyke and P Brown received £50,837, while tangible assets totalled £4.7m, including freehold property worth £3.4m.
The report adds: ‘The company now has three venues, each of which is expected to contribute to future enhanced profitability, demonstrating the commitment of the board to continued expansion, supported by internal funding from the directors and associated companies….’
‘As the economic climate improves, the company is well placed to exploit the opportunities which are expected to become available in the market place.’
The report also warns the firm continues to be reliant on funding from its bankers and related parties.
It adds: ‘This funding is under constant review, with the group meeting its debt servicing obligations and exceeding targets’.
The Cutlers was put on the market for £1m after it collapsed into administration. It was refurbished following the sale.