As a result of the sale, 12 full-time members of staff and service staff have been made redundant.
The Leeds Club operated as a private members’ club between 1849 and 2013, when Valleyfeature, which bought the venue in 2011, decided to focus on conferences and events in a bid to turn the loss-making business around.
A spokesperson for Valleyfeature said: “It was an extremely difficult decision for the directors of the business to accept an offer on the property but they have a duty to look after the financial interests of their shareholders and they believed that the sale of the freehold best served these interests.
“We would like to take this opportunity to thank the team. They have worked hard to change the perception of The Leeds Club and have made it a popular choice for business events and private functions. There efforts have not gone unnoticed.”
Sarah-Louise Walker, general manager at The Leeds Club, said: “It is with a heavy heart that I support this announcement. We have worked hard to change the fortunes of The Leeds Club over recent years and have delivered some outstanding events here; with everything from morning networking to eighteenth parties, ladies lunches and themed weddings.
“I’ve had a great time and am pleased to have been a part of the positive stage in the story of this great venue.”
The identity of the new owners has not been disclosed but it is believed that they have plans to provide upwards of 40 full and part-time positions once they have redeveloped the premises.
The Leeds Club has had a chequered past. Previously a private members’ club, the venue struggled to attract enough members.
In 2010, the company behind The Leeds Club – which was then known as Club LS1 – went into administration.
One Last hurrah
The Leeds Club is set to hold its final business networking breakfast event on January 27. Keith Madeley, an ambassador for the orginal private members’ club, said he hopes the building continues as a venue.
The Leeds Club will continue to meet all of its financial obligations and commitments up to and beyond the date that the property sale completes.