Italian restaurant Casa San Lorenzo in Gosforth has been bought out of administration, saving 15 jobs.
But a sister restaurant in Washington - which closed late last year - is not part of the deal, nor is prominent Newcastle bar Okana, which is currently closed, and is run by Lorenzo director Kevin Pattison.
Before the closure of the Washington restaurant the Lorenzo business employed about 50 staff.
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Last week, business recovery firm FRP Advisory was appointed as administrators to Lorenzo (North East) Limited - the company which ran both the Gosforth and Washington restaurants.
FRP says the business had encountered difficulties as a result of Covid restrictions hampering trade and staffing challenges, including the ability to recruit and retain workers - a problem reported across the hospitality industry.
Andrew Haslam, partner at FRP, said there was considerable interest in the business from potential buyers.
He said: "We're delighted we were successful in selling the business as a going concern, and rescuing it so that all the jobs were retained at the point we were appointed.
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"We immediately achieved a sale of the business to a third party."
The business was acquired in a pre-pack deal - including the Gosforth High Street restaurant and its adjoining unit which was under refurbishment - by a company owned by Geoff Knowles, a barrister at Cathedral Chambers in Newcastle.
Mr Knowles - a long time customer of the Gosforth restaurant - said he wants to give the business “a bit of TLC”.
He said: “San Lorenzo has been a part of Gosforth restaurant culture forever. When my kids were growing up, everybody went there.
“The idea is to bring it back to its greater days. We’ve got a good team in there. It’s a great opportunity to breathe a bit of fire and life back into an old favourite.”
Mr Knowles said he hoped to bring back features such as make-your-own pizzas for kids and possibly introduce live music in the future.
He added: “Sundays on the High Street are very quiet, but with good Sunday lunch fare it can be a standout place. Next door in The Lounge is going to be a different offering with tapas and high end cocktails.”
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The Lounge is expected to open next week, subject to licensing paperwork.
In 2018, following a takeover of the Casa San Lorenzo business from its founders, Lorenzo (North East) Limited announced it would expand the Gosforth and Washington restaurants with an £500,000 investment.