Little Chef has been sold to Out of Town restaurant group founders Simon Heath and Lawrence Wosskow for more than £52m.
Heath and Wosskow, who set up the Peoples Restaurant Group for the purposes of the deal, have bought the 235 roadside sites and the Little Chef brand name, which they will retain.
The deal, which was signed today, includes 113 restaurants co-located on Travelodge sites.
Heath said: "The potential for this business is enormous and we look forward to bringing the brand back to where it used to be by creating a restaurant business that exceeds our customers' expectations in terms of variety, quality and value."
The sale was handled by Davis Coffer Lyons.
By Tom Bill
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