A Sheffield city centre hotel has been snapped up by Football Association chairman and hotels tycoon Greg Dyke.
Saxon Hotels, Mr Dyke’s firm, has purchased the Best Western Cutlers Hotel, on George Street, and plans to renovate it to attract new custom.
Mr Dyke, who already owns the Best Western Mosborough Hall Hotel and the Whirlowbrook Hall Hotel in the city, said Sheffield has ‘potential to grow’.
The former director general of the BBC said: “We heard this one had got into financial difficulties and had fallen into the hands of a receiver, so we decided to bid for it.
“I think Sheffield has obviously been through difficult times, as has everybody in the recession.
“Gradually the city is coming out of it.
“It’s a big English city this, and I think it has the potential to grow quite fast in the years to come, therefore why not be here?
“We’ve done okay, the two businesses are both profitable.
“This business obviously had too much debt and that’s what kills businesses.
“We bought it cash, so we don’t have that problem. And now we’ve time to get it going.”
Mr Dyke said the plan was to invest into the hotel to modernise it and help make it a top city centre hotel.
The 67-year-old said: “I think it needs to be tarted up a bit. The rooms aren’t bad, I think the street’s quite nice, we’ve now got the new Curzon Cinema in front of us.
“I don’t do these things short term, this is a long term acquisition. We’ll spend a bit more money and hopefully turn it into a really successful city centre hotel.”
Coun Isobel Bowler, Sheffield Council cabinet member for leisure, said: “We are delighted Saxon Hotels have decided to invest further in the city.
“The Cutlers Hotel is well positioned, so it will be exciting to see it redeveloped.”