The Barbican in St Thomas Street has been saved after a buyer was found for its parent company.
The Bramwell Pub Company, which owned the bar, went into administration earlier this month and just last week administrators were forced to close 35 of its premises to keep the business operating.
On Friday it was announced that the Stonegate Pub Company has stepped in and purchased 78 sites, including the Scarborough watering hole.
The company owns a number of pubs nationwide, including ones in York, Beverley and Middlesbrough, but this will be its first within the Scarborough borough.
A statement from administrators Zolfo Cooper stated: “Following the appointment the Joint Administrators continued to trade the business whilst seeking expressions of interest.
“As a result of this process the Joint Administrators are pleased to announce that they have now successfully secured a sale of 78 sites to the Stonegate Pub Company Limited (Stonegate) in a transaction which secures approximately 1700 jobs nationwide.”
Peter Saville, Partner at Zolfo Cooper added:”We are extremely pleased to have secured the sale of this significant number of units to Stonegate and we wish Stonegate and the staff all the best for the future.”