Sky News has learnt that Interpath Advisory is preparing a pre-pack insolvency of Gusto, which trades from 13 sites.
Sources said that a vehicle set up by Cherry Equity Partners, the owner of Latin American restaurant concept Cabana, was the likely buyer.
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It is expected to take over most of Gusto’s sites although some job losses are likely.
A deal could be announced in the coming days, according to insiders.
The collapse of Gusto, which is backed by private equity investor Palatine, follows a string of increasingly heated warnings from hospitality executives about the impact of tax rises on the sector.
Kate Nicholls, who chairs UK Hospitality, said this month that the industry faced a jobs bloodbath amid growing financial pressure on operators.
This week, Sky News reported that the restaurant industry veteran David Page, a former boss of PizzaExpress, was raising £10m to take advantage of cut-price acquisition opportunities in casual dining.
Mr Page is planning to become executive chairman of London-listed Tasty, which owns Wildwood and dim t, and rename it Bow Street Group.
A placing of shares in the company is likely to be completed this week.
Interpath declined to comment on the Gusto process.
