The Argentinean-style steakhouse chain, which has 10 restaurants in the UK and one in the Netherlands, has hired financial advisers Hawkpoint to review its options.
"Gaucho is looking at a number of strategic options and an IPO (initial public offering) is one of them," a spokeswoman told Reuters today.
The group was taken private by founder Zeev Godik in 2002 after a period of poor trading.
In 2005, Barclays led a £23.5m buyout before last year's Phoenix Equity Partners secondary buyout deal, led by Godik and worth £55m.
By Daniel Thomas