James and Trevor Allan brought the former Sparling business after the eaterie crashed into the hands of administrators just a year after opening in a blaze of publicity.
The Leyland-based brothers have now vowed to grow the business under a new name – The Hastings Bistro.
But they admit taking on the eaterie is a gamble in the middle of a recession and say they will have to "put extra effort" into
making it a success after the Sparling experienced a dip in customer satisfaction.
After bringing in new front-of-house staff, the restaurant on Hastings Place will also get a new look over the coming months in a bid to turn around its fortunes.
James Allan said: "We saw an opportunity at the Sparling and decided to give it a go.
"Investing in any business during the middle of a recession is a gamble but we looked at some of the
figures the business was making and we saw a lot of potential in making the restaurant a success.
"Dealing with the administrators was relatively easy so we are pleased to have the business for ourselves now."
The owners persuaded experienced restaurant manager Kevin Ward to move back to the North West after running the Cloud 9 Bar in London.
They are confident that under Kevin's management, The Hastings can bounce back and become one of the most successful restaurants on the Fylde.
And if everything goes to plan Mr Allan wants to expand his empire into other North West businesses.
He said: "There are things that need tweaking in the existing businesses but I want to promote the name more, use local businesses as contacts and invest more into the business.
"We can make The Hastings a success once again but it will require extra effort. In a year's time I want the place to be buzzing day and night and then we can think about the next development in the business."