The chocolate store and cafe chain Max Brenner, which went into voluntary administration earlier this month, has been saved at the last minute.

A deal was struck with investment firm Tozer & Co last night that will see it take over the licence for the company’s Australian standing. The details will be finalised in the coming months, but in the meantime Tozer & Co will keep the 37 stores open and continue business as usual.

“We are excited by the prospect of investing, growing and developing a highly successful business,” David Tozer of Tozer & Co told Fairfax Media. “The brand has a rich history across the world and also within Australia.”

Tozer & Co is operated by brother duo David and Craig Tozer. Craig has a background in running franchises, and currently sits on the board of Craveable Brands (responsible for operating franchises such as Red Rooster), and is the chief executive of Oporto.

Max Brenner owes more than $5 million to its existing staff and those made redundant during administration, as well as more than $4 million in GST and superannuation.