Mexican restaurant group Chilango has called in a restructuring firm to assess options for the business, which this year raised £3.7m in a second round of "burrito bonds" from small investors.
The Guardian has reported that a partner at restructuring specialist RSM had been brought in to consider options including a company voluntary arrangement (CVA) and administration.
Chilango currently operates 10 sites in London, one in Manchester and one in Birmingham.
Last year Chilango's Burrito Bond 2 was launched, attracting more than 400 investors, some 100 of which put in over £10,000. The funds exceeded its initial £1.8m target and the bond offer was extended, finally raising £3.7m.
At the time co-founder and chief executive Eric Partaker said: "While many casual dining chains have experienced difficult times of late, our quick-service concept has helped us post the best results ever in our 11-year corporate history, with positive like for like sales of 5.3% and all our restaurants profitable.
"The UK is riding a Mexican wave and Chilango looks forward to welcoming another round of investors and brand evangelists into the family."
In its latest set of accounts, made up to the year to 25 March 2018, Chilango's parent company Mucho Mas made a loss of £1.4m. Its most recent set of accounts are six weeks late to be filed at Companies House.
Partaker told The Guardian there was "nothing to report … We are working with RSM on some long-term business planning."