Hamburger chain Byron is considering new moves for the company, including selling the whole brand to a new buyer.
City A.M. understands that the casual dining company, which is currently owned by investment firm Hutton Collins, has decided to undergo a strategic review.
The process, which is being handled by KPMG, could see part or all of the business sold to a new owner. It follows a string of branch closures as part of a cost-cutting plan. There are currently around 70 sites in the UK and the company employs 1,800 people.
Hutton Collins previously paid £100m for the business when it had just 30 restaurants. One of the investment firm's private equity backers F&C said in its results in August that poor trading at Byron had led to a £300,000 downgrade in a Hutton Collins fund.
Byron appointed a new chief executive last month, following a five month gap in which the company operated without a permanent occupant of the role.
But it has faced the same headwinds as the rest of the casual dining industry, which has had to contend with inflationary cost pressures and the new national living wage. Peers including Franco Manca, Tasty Plc and Comptoir Libanais have all warned on the difficult trading environment this year.
Byron declined to comment.