Pod Food Limited has been sold to Azzurri Group, owner of the ASK Italian, Zizzi, Coco di Mama and Radio Alice brands.
The sale was via a pre-pack administration after Damian Webb and Allan Kelly of RSM Restructuring Advisory LLP were appointed administrators of the business on Friday.
13 of pod’s restaurants will continue trading, while nine will be closed.
Mr Webb said: “The sale of Pod Foods secures over 170 jobs and ensures the on-going trading of the core Pod business. Regrettably this process has led to the closure of nine stores, resulting in 90 redundancies. We will be working closely with the redundancy payments service to assist these employees.”
Azzurri said it already has a strong platform in the London ‘food-to-go’ market through Coco di Mama, which it has grown from six to 22 sites in the last four years and is delivering strong organic growth.
It plans to use the acquisition of Pod to accelerate its development in this segment. The 13 sites it has bought will continue to operate as Pod but it intends to converts a number of the sites to Coco di Mama over the next 12 months.
Steve Holmes, CEO of Azzurri Group, said: “We are pleased with the strong growth and rapid expansion of Coco di Mama since it joined the Azzurri Group in 2015. The deal announced today will accelerate our position in this growing sector and we look forward to serving even more Londoners fresh food-to-go.”