Administrators working on behalf of Grillstock have confirmed that a deal has been done to save the business.
Gareth Roberts and Paul Ellison of KRE Corporate Recovery, an insolvency specialist based in Berkshire, were brought in last month to keep the business running and orchestrate a sale.
Mr Roberts said that three restaurants have been sold to Hedrick Limited, which he described as “effectively an MBO”.
It is understood that the new owners, a group of former directors, will run Grillstock sites in Bristol, Bath and Leicester. However, a branch in London will close according to reports.
Companies House records show that Hedrick Limited was incorporated on 7 November. It names Barry McMurdock and Suzette Lim as officers of the company and persons with significant control.
KRE Corporate Recovery managed to keep all the restaurants open without any redundancies while it searched for a way to keep the business solvent.
Grillstock was founded in 2010 and has sites in Bath, Bristol, Cardiff, Leicester and London. It is also renowned for the festivals that it has staged for the past eight years.