Sky News reports that Three Hills Capital Partners, which owns Byron, asked KPMG to begin contacting potential buyers from yesterday (4 May), but it was unclear whether a solvent sale would be possible.
Other options apparently being explored include a refinancing under the existing majority shareholder.
It is understood Byron, which currently has 51 sites across the UK, is also continuing to examine whether it can access any of the Treasury's emergency lending programmes, having already used the Coronavirus Job Retention Scheme (JRS) to subsidise the wages of most of its 1,200 staff.
KPMG declined to comment on the matter, but a source close to the process confirmed to BigHospitality that the reports were correct.
BigHospitality has also reached out to Byron for comment.
It was first reported back in March that Byron had hired KPMG to explore its options, having had to temporarily close its entire estate as a result of the Coronavirus pandemic.
The business previously underwent a financial restructuring in 2018, which saw it close 19 struggling restaurants; a process that was also overseen by KPMG.