Mon, 27 Oct 2014 | BUSINESS SALE
A South Yorkshire city centre hotel has been placed on the market following the failure of its parent company.
Joint administrators Phil Pierce and Ben Woolrych of FRP Advisory were called into hotel operator Meridius Limited last month, and have now asked property agent Colliers International to manage the sale of the Cutlers Hotel.
A price of £1 million has been assigned to the three-star, 45-bedroom hotel, located on George Street in Sheffield’s city centre. Operated under the Best Western name, the hotel also has two meeting and conference facilities, a bar and restaurant.
Since the administrators came on board, Convivial Group has taken the hotel in hand to ensure day-to-day operations are unaffected and run smoothly.
Meridius’ present insolvent state has been attributed to unmanageable cash flow pressures relating to its previous financial set up.
Joint administrator Phil Pierce was optimistic about the progress of the administration. He said: “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.”
He welcomed potential buyers to contact the agents Colliers International in regards to the sale of the hotel and related operations.
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