The Azzurri Group, which also owns the Coco Di Mama pasta chain, was sold without administration to TowerBrook Capital Partners.
The measure will keep 225 retail stores and restaurants and approximately 5,000 jobs open.
The corporation said the coronavirus had hit restaurants a lot.
“The Covid-19 crisis has had a profound effect on the informal food industry, leading to the closure of many corporations like ours,” said Steve Holmes, Managing Director of Azzurri Group.
“While we are a successful trader, the rapid loss of lock profits has forced us to make incredibly difficult decisions to protect the business in the long run.”
“It is with deep sadness that this procedure will result in the permanent closure of several sites and that we will have to say goodbye to the highly valued workers of our brands.”
Last month, The Restaurant Group, owner of Frankie and Benny’s, said he hoped to cut to 3,000 after confirming its goal of closing 125 sites.
And this month, two of the UK’s High Street retailers, John Lewis and Boots, announced 5,300 task cuts.
The measures come amid warnings that Chancellor Rishi Sunak’s new economy will not be enough to prevent millions of employees from wasting their jobs.