The Gaucho Group has said it is confident its Argentinian steak restaurants will be sold "within the next two to three weeks".
CEO Oliver Meakin said the restaurants were "profitable and completely sustainable" adding that further expansion was likely following the sale.
He explained: "We are talking to potential buyers about future UK expansion, as we believe there are a least a further six locations where Gaucho would trade successfully.
"We also believe that Gaucho could trade successfully in Western Europe with openings under our management. In addition, prior to the sale process, we were discussing a number of franchise opportunities in the Middle East with a local business partner."
The group's management team has said it's "business as usual" across the group's 16 restaurants, which remain open and serving customers.
Meakin added: "There has been some confusion, even within the hospitality industry, of the exact status of the group, and we would like to set the record straight. All 16 of our UK Gaucho restaurants are open, each location is profitable and completely sustainable, and our wonderful staff are fully committed to providing our guests with a genuinely memorable experience through delivering a taste of Argentina's best beef and wine.
"We are continuing to trade through the administration period, supporting our administrators Deloitte LLP, and are confident of an exciting sale of the Gaucho restaurants within the next two to three weeks."