Burger brand Byron has reportedly filed a notice of intention to appoint administers as it negotiates a possible sale.
Sky News reports that the group, which has around 50 UK sites, has filed its intention as it looks to a pre-pack sale of the business.
Byron, which underwent a company voluntary arrangement (CVA) in January 2018, was founded in 2007 by Tom Byng and is owned by private equity fund Three Hills Capital Partners, which purchased it in 2017.
Financial results published in July 2019 showed adjusted earnings declined from £4.7m to £500,000 for the year ending 24 June 2018, following the closures of 16 sites in the brand's portfolio.
The results, which incorporated the actions taken by the firm following its CVA process, reported a decline in like-for-like sales of 4.7%.
However, the company's pre-tax loss diminished from £54.7m in 2017 to £47.2m in the year.