The West Cornwall Pasty Company shop in Cornhill in Lincoln has gone into administration, leading to a number of job loses in the city.
The national chain had severe financial difficulties and called in joint administrators David Chubb, Stuart Maddison and Robert Moran of PwC.
PwC managed to help the company save 34 of its stores nationally, selling them and assets to Enact, a private equity house, though the Lincoln store could not be saved.
Former footballer Danny Mills is one of the investors of the firm taking over the remaining shops.
Nationally, 94 jobs are set to be lost in the transition.
David Chubb, joint administrator said: “The company was facing severe difficulties meeting its financial obligations as a result of a combination of factors, and having run out of alternative options, sought the protection of administration.
“Unfortunately, there will be redundancies and we are doing what we can to support these employees.
“This business sale has preserved the majority of jobs and provides some much needed stability for suppliers and employees.”