Zizzi and ASK Italian owner the Azzurri Group has been sold out of administration to TowerBrook Capital Partners in a deal that will see 75 sites closed with around 1,200 jobs lost.
The group, which also operates the Coco di Mama grab-and-go chain, will continue to operate 225 venues under its new ownership, with 5,000 jobs secured.
Administrators from KPMG had been appointed yesterday (17 July), to sell the business in a pre-pack sale.
Will Wright, partner at KPMG and joint administrator, said: "Azzurri's three brands have been popular fixtures on our high streets for many years, so we are pleased that, following a competitive sales process, we have been able to conclude this transaction, which preserves the majority of the group's restaurants and shops.
"Our immediate priority over the days ahead, however, will be to liaise with those employees affected by redundancy to provide them with any support they need."
The Azzurri group was formed when Bridgepoint private equity firm acquired Zizzi and Ask Italian in 2015 in a £250m deal.