Popolo Leisure has bought the remaining parts of Principle Leisure (North East), which was previously part of Washington-based Principle Leisure Group, which went into administration last year.
The deal includes five bars and restaurants: Popolo, Newcastle; Popolo, Sheffield; San Lorenzo, Gosforth; San Lorenzo, Cramlington; and Establishment, Sunderland.
Administrator Begbies Traynor has operated the business under licence since it went into administration in April 2011.
Joint administrator Andrew Haslam of Begbies Traynor in Newcastle upon Tyne, said: "It is very satisfying to finally bring this matter to a successful conclusion, resulting in the ongoing trade of all of the outlets as well as the retention of over 300 employees.
"The sale process has been long and fraught, and I would like to thank both Irwin Mitchell, which acted on behalf of the administrators, and Mincoffs Solicitors, which represented the purchasers, for their unwavering efforts to overcome the challenges we faced given the current economic climate. I am sure the business has a bright future ahead under the ownership of Popolo Leisure."
Chris Jones, insolvency partner at law firm Irwin Mitchell, said: "Following such a complex and lengthy transaction, it is extremely pleasing to complete the sale and safeguard the future of 300 jobs. The number one priority since the company went into administration has been to ensure that it could continue to trade and therefore provide a viable business for the new owners. This has now been done and we wish Popolo Leisure a successful future."
By Neil Gerrard
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