Administrators for the Richoux restaurant group have sold the brand and its intellectual property to one of the family members behind the Cairn Group.
Naveen Handa is planning to develop and expand Richoux both in the UK and internationally.
Dining Street, the parent company behind restaurant groups including Richoux and Villagio, entered administration in January with the loss of 147 jobs.
Handa's family owns the Cairn Group, which has a portfolio of 32 hotels and more than 30 bars and restaurants across the UK.
Steve Absolom, joint administrator at Interpath Advisory, said: "Since our appointment as administrators, we have been struck by the strong affection held for the Richoux brand by customers and people working across the hospitality industry alike, and so we're delighted to have completed the sale of this iconic brand to Naveen Handa."
Administrators have also sold the former Richoux site in South Audley Street, Mayfair, to an undisclosed party.
Will Wright, head of restructuring at Interpath Advisory, said: "Despite these being incredibly tough times for the hospitality industry, the level of interest we have received for the Dining Street group's business throughout the administration has been extremely positive, underlying the strong appetite from operators to provide quality casual dining experiences to consumers as we emerge from the Covid-19 crisis."
Dining Street ran 15 sites and also owned the Zintino, Friendly Phil's and Broadwick brands.
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