Giraffe Concepts has snapped up Ed's Easy Diner in a pre-packaged sell-off of the 1950s-style restaurant chain.
The purchase includes 33 of the company's 59 restaurants and will result in the immediate closure of 26 restaurants and 379 redundancies.
The deal, for an undisclosed sum, also includes the Ed's Easy Diner brand and the group's head office team, securing around 700 jobs.
Giraffe managing director Tom Crowley said in a statement: "Ed's Easy Diner has been an integral part of the UK casual dining scene for the past four decades and we are very excited about the business joining the group and the opportunities ahead."
KPMG administrated the sale. Rob Croxen, partner at KPMG, said: "While we are pleased the transaction preserves around 700 jobs, our immediate priority in the coming days will be to liaise with those employees who have been affected by redundancy and ensure that in addition to receiving all back pay owed, they are provided with any assistance they need."
It had been widely expected that the casual dining group would be subject to a quickie sell-off this week, with private equity groups Rutland Partners and R Capital two of the groups tipped to be buyers. At the beginning of the year, it was reported the group was up for sale.
Over the summer, chief executive Andrew Guy said the group would be "pausing for breath" on further expansion.
In 2008 Ed's had three diners, all situated in London, but by June 2015 there were 41 branches in multiple cities.
Giraffe has more than 50 restaurants in the UK and four international branches. It was acquired by Boparan Restaurant Holdings (BRH) in June from Tesco, which bought the chain in 2013.
BRH's other brands including FishWorks and The Cinnamon Collection.
Is your local Ed's about to shut down? Here's a full list of the closing branches:
|Aberdeen Bon Accord|
|Blackburn The Mall|
|Carlisle The Lanes|
|Chester Grosvenor Centre|
|Crawley County Mall|
|Edinburgh Fort Kinnaird|
|Livingston The Centre|
|Luton The Mall|
|Plymouth Drake Circus|
|White City Debenhams|
|York Monks Cross|