Butchers chain Crawshaw has been sold to meat entrepreneur Tom Cribbin for £1.4 million, securing 240 jobs.
Crawshaw fell into administration in October after it failed to secure emergency funding.
On Monday, the group said that its last remaining 19 stores and its Hellaby production and distribution facility have been sold to Loughanure, which is controlled by Mr Cribbin.
Through Cribbin Family Butchers, Mr Cribbin previously operated a chain of butchers stores in the Republic of Ireland and sold Gabbotts Farm to Crawshaw in 2015.
The rescue comes after Crawshaw closed 35 stores and one distribution centre in November, resulting in the loss of 350 jobs.
The collapse of the company came after several years of financial losses.
According to its latest set of results for the six months to July 29, the group posted revenue of £21.6 million and a pre-tax loss of £1.7 million.
Food mogul Ranjit Boparan held a near 30% stake in the business and his 2 Sisters Food Group also supplies Crawshaw.
The “chicken king” – so-called because of 2 Sisters’ large-scale involvement in the poultry trade – was also an adviser to the board.
Following the sale, administrators EY are set to assess how the proceeds of the sale are to be divvied up between creditors.
Shares in AIM-listed Crawshaw remain suspended and its stock will be cancelled following the deal.