Steak restaurant chain Gaucho has appointed KPMG to advise on the future of its casual dining brand Cau, with closures and a Company Voluntary Agreement (CVA) on the cards.
If the company goes ahead with the CVA, around 700 jobs could be at risk among the 20 Cau sites across the UK.
The 16-strong Gaucho brand is understood not to be under threat.
A company spokesperson said: "As part of a comprehensive strategic review, the Group's new management team, with the support of its shareholders, is at the early stages of exploring a number of financial restructuring options. No decisions have yet been made."
Gaucho recently had a management shake up with the departure of Richard Clark, who stepped down as managing director of Cau restaurants in September 2017 and the appointment of Oliver Meakin as chief executive officer of the Gaucho Group in January following the departure of Zeev Godik who held the position for 41 years.