Equistone, the owner of the Gaucho premium steak restaurant chain, is said to be exploring a sale of the business as part of a review, which includes the closure of its poorly performing Cau outlets, according to Sky News.
A Gaucho spokesman said in a statement to Sky News: '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.'
The news comes two weeks after Gaucho brought in advisers to examine whether to close or sell Cau's 22 restaurants, putting around 750 jobs at risk
Equistone, which acquired Gaucho in 2016, had now decided to expand KPMG's mandate to solicit proposals from potential investors for the entire company.
During this review process, Gaucho's entire estate will continue to trade.