Pod Food Limited has been sold to Azzurri Group, owner of the ASK Italian, Zizzi, Coco di Mama and Radio Alice brands.
Thirteen of pod's restaurants will continue trading, while nine will be closed.
Damian Webb, one of the Joint Administrators from RSM Restructuring Advisory LLP, said:
'The sale of Pod Foods secures over 170 jobs and ensures the on-going trading of the core Pod business. Regrettably this process has led to the closure of nine stores, resulting in 90 redundancies. We will be working closely with the redundancy payments service to assist these employees.'