Yorkshire-based restaurant chain Fazenda has been bought out of administration, with the closure of two sites.
Joint administrators from Begbies Trainer were appointed to City District, which trades as Fazenda Rodizio Bar & Grill alongside sister brand Picanha by Fazenda, on 1 March.
A substantial part of the business and assets has been acquired by Southern Wind Group.
The new company will continue to trade as Fazenda and retain its Leeds, Manchester, Edinburgh and Liverpool restaurants, securing 243 jobs.
However, Fazenda Birmingham and Picanha Chester are not included in the deal and 69 staff will be made redundant.
Joint administrator Julian Pitts said: "After more than 10 years of healthy trading, the Fazenda restaurant chain became yet another casualty of the impact of the pandemic on the hospitality sector.
"With the UK undergoing multiple lockdowns, together with social distancing measures and increased working from home, the restaurant trade has faced one of its toughest periods ever."
Fazenda was founded in 2010 and operated six South American-style grill and Rodizio dining restaurants under its two brands.
City District's former chief executive Terence Langley and managing director Tomás Maunier will head the new company.
Maunier said: "Unfortunately, rent negotiations and significantly reduced cash flow has led to this difficult decision to close two of the restaurants.
"Despite the closures, we believe that the long-term future is looking bright for both the industry and the brand, and we are looking forward to resuming operations across our other sites in May."
The acquisition includes the recently-launched Fazenda at Home arm of the business, which allows customers to buy meats online to create dishes at home.