The owner of Eat is reportedly looking to sell the grab-and-go chain.
Sky News has reported that private equity firm Horizon Capital, previously Lyceum Capital, has appointed financial planner Spayne Lindsay to explore options.
Despite the appointment an Eat spokesperson said: "a sale is not expected soon."
In February 2018 the sandwich chain said it was "considering various options regarding its business". It went on to announce the closure of 10% of its sites as it focused on the London market.
Niall and Faith MacArthur launched Eat in 1996 and will remain minority shareholders. The chain now has more than 100 branches in the UK, mostly in London. Private equity company Lyceum Capital bought the company from Penta Capital in March 2011.
Horizon declined to comment.
The Caterer has contacted Eat for comment.