Equistone, the owner of the Gaucho restaurant group, is considering the sale of the business as part of an ongoing review.
The news comes two weeks after it emerged that Gaucho had appointed KPMG to advise on the future of casual dining brand Cau, with closures and a Company Voluntary Agreement (CVA) on the cards. Reports had circulated that about 700 jobs could be at risk among the 20 sites across the UK.
A Gaucho spokesperson said: "Having completed a strategic review and engaged with key stakeholders, the directors have instructed advisers to commence an options process. The process aims to secure a viable long-term structure for the business. This may or may not lead to a sale."
Gaucho recently underwent 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.