The Little Chef restaurant chain has been sold to a Kuwaiti-owned business.
Turnaround specialists RCapital put the company up for sale in April and had warned about its future.
It has been taken over by the UK arm of Kout Food Group, which already runs more than 40 Burger King and KFC outlets in the UK as well as the Maison Blanc brand.
Little Chef employs 1,100 people and serves more than 6 million customers a year.
RCapital has owned the roadside restaurant chain following administration in 2007, when it underwent significant restructuring.
That included cutting the number of outlets from 234 to 83 and reducing staff numbers from 4,000 to 1,100.
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