National restaurant chain Byron Burger is searching for a buyer, and has filed a notice to appoint administrators, to try and protect the business from creditors.
The chain is believed to be in talks with three potential buyers, who could acquire the firm in a pre-pack administration deal.
Byron Burger has more than 1,200 staff and 52 restaurants across the UK.
However, if the firm enters administration, then global accountancy firm KPMG is set to manage the process. KPMG has been trying to sell Byron Burger since early May.
It has been reported that an investor or company could acquire Byron Burger or parts of the business. The size of the firm could also be reduced, meaning potential closures and job losses.