French restaurant chain Le Bistrot Pierre is reportedly planning to file a notice of intent to appoint administrators.
According to hospitality trade website Propel, the group is working with advisory firm KPMG on its “options”.
Bistrot Pierre, which has a large site in Weston-super-Mare, was reportedly involved in a sales process which generated “interest” but did not lead to a deal, Propel said.
The company is backed by private equity firm Livingbridge, with Propel claiming the firm could continue to back the business through a pre-pack administration.
The restaurant’s latest accounts on Companies House show the chain made a loss, after taxation, of more than £683,000 in the financial year ending June 30, 2019 - despite a turnover of nearly £35million.
During the last financial year, Bistrot Pierre opened two new restaurants, bringing its total to 24 and more than 900 employees.
A pre-pack administration could lead to the group “trimming its estate”, according to Propel, which claims none of the group’s sites across England and Wales are loss making.
A source told Propel: “The company is working with stakeholders to find a positive solution for the business to go forward.”
The company recently reopened its site in Mumbles, Swansea, for takeaway. However, it has yet to announce details of a reopening strategy for dine-in.
Bistrot Pierre was founded by school friends Robert Beacham and John Whitehead in 1994.
KPMG declined to comment.
The news comes just a day after the owner of high street restaurants Bella Italia, Las Iguanas and Café Rouge fell into administration.
Casual Dining Group said that given the "extreme operating environment" it was in the best interests of all stakeholders to enter administration to allow the company to conclude negotiations with landlords over its estate.
More than 1,900 jobs are set to be axed, though 4,000 are reportedly secure for now, according to the Mirror.
