Cardiff-based Buffalo bar has been sold out of administration to a new bar management company, preserving the jobs of 22 staff.
8 Bar Blue Limited will take ownership of the establishment after previous owner Beatbox Bars Limited entered administration in July.
Daniel Plant and Simon Plant of SFP were appointed as joint administrators to Beatbox Bars on 22 July.
Daniel Plant said: ““This is another fantastic outcome, not only for the employees who keep their jobs but also for the city centre as a whole, retaining a vibrant venue and prosperous business.”
The administrators traded the business for two months following administration while searching for a buyer.
Michael Griffiths and Daniel Rickard formed 8 Bar Blue Limited and began trading at the beginning of August from offices in Cardiff.
Michael, Director of 8 Bar Blue Limited says the directors intend to trade up until Christmas as Buffalo to enable them to assess the business and what investment may be required.
He explained: “We plan to run the bar as it is for the foreseeable future so we have a better picture of what works well and what may need attention.
“Our ultimate goal is to restore the venue to its former glory as one of the best destinations for students looking for live music, food and cocktails.”