City centre hotel goes on the market

THE Cutlers Hotel in Sheffield is being put on the market with a price tag of around £1m.

FRP Advisory, the restructuring and advisory firm, confirmed it has instructed Colliers International as the selling agent for the sale of the hotel, a 3-star, 45 bedroom site on George Street in Sheffield city centre.

The hotel is the principal asset of its current owner and operator Meridius, which went into administration last month, with the appointment of joint administrators Phil Pierce and Ben Woolrych, partners at FRP Advisory.
 
Since the appointment of joint administrators, Convivial Group, a hospitality agent, has been managing the day-to-day operations of the Cutlers Hotel, which is a member of the Best Western Group of independently owned hotels.

Meridius entered administration due to unsustainable pressure on the cash-flow of the company under its previous financial structure.
 
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. We invite interested parties to get in touch via sole agents Colliers International who are seeking offers of around £950,000 for the hotel and associated operating business.”