Italian restaurant Gusto on the brink of administration
However, sources share that the chain may be bought by Cherry Equity Partners, the owners of the Latin American restaurant chain, Cabana.
If the deal were to go through, it would likely see the business take over most of Gusto's sites, but would also see job losses.
Gusto is heading for administration, reports suggest
Sky News reports that a deal is expected to be announced in the coming days, according to insiders.
The restaurant sector has also recently seen some financial changes following the increase in the National Insurance levels for employers and an increase in the national minimum wage.
Across the UK, Gusto has 14 restaurants, in the likes of Birmingham, Edinburgh, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Oxford.
As well as locations in Alderly Edge, Cheadle Hulme, Cookridge, Didsbury, Heswall and Kuntsford.
Gusto's collapse comes after Matt Snell left his role as CEO of the business after more than seven years with the group and was replaced by Paul Moran.
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Previously, in September 2020, Gusto completed a CVA (Company Voluntary Arrangement) to save the business's future and save more than 600 jobs.
At the time of the CVA, Matt Snell said: "The last six months have been the most challenging in the history of our business. and the wider sector.
'The passing of the CVA is an important milestone, securing the future of the Gusto business and protecting more than 600 jobs.'
Gusto has been contacted for a comment.
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