The Didsbury restaurant’s final service will take place on 9 August before it relaunches as Arcadian, a live-fire restaurant, on 28 August.
Open Restaurant Group – led by chef Andrew Sheridan and businessman Sam Morgan – has confirmed it will retain all existing staff.
Hispi opened in 2016 following the success of Usher’s Sticky Walnut and Burnt Truffle restaurants.
Open Restaurant Group has rapidly expanded in recent years and now operates a number of high-end restaurants, including 8 in Liverpool, SOW in Worcestershire, Noted in Cheshire and Daise by Tony Parkin in Oxton.
Usher - who launched the restaurant off the back of a successful crowdfunding campaign - said he was sad to be leaving but was happy the restaurant would remain in good hands.
He said: “My time at Hispi has come to an end. We’ve had an amazing 10 years.
“We are passing the baton over. You’ve probably seen the amazing restaurateurs Sam Morgan and the chef Andy Sheridan. They are opening some incredible restaurants and we know it’s in good hands.
“I’d like to think we’ve left an incredible legacy here. This has been a special place. I’m grateful to all the team, past and present. Thanks to the original crowd funders, 10 years ago.
“We look forward to hearing from Open Restaurant Group about what their plans are with Hispi.”
Morgan added: “We’d like to pay tribute to Gary and his team. Elite Bistros has been an incredible company that’s fed the people of the North West over the past decade. We’re looking forward to working with the Hispi team and we’ll be making sure there are no job losses as we pick up the baton.
“We’re delighted to become custodians of a well-respected restaurant and we have an exciting vision for its future.”
Sheridan added: “Gary’s described Open Restaurant Group as being on a roll and we’re delighted to be opening another restaurant in the North West.
“The region has a really exciting restaurant scene and we’ll be revamping the venue before we open the doors to the public. It’ll be a new menu and a new challenge but the same good vibes that Hispi has brought to the area for the past 10 years.”
The acquisition leaves Elite Bistros with Sticky Walnut, Wreck, The White Horse and Usher’s Bakehouse.
Further details about Arcadian will be announced in due course.