Gondola Group is set to auction Italian casual dining chains ASK Italian and Zizzi in a sale that could raise more than £200m.
The two brands are being readied for auction through financial advisory group Rothschild, according to The Times.
Private equity firm Cinven is gradually breaking up Gondola, which it has owned since 2006, in a bid to realise its investment.
The company also sold upmarket burger chain Byron to Hutton Collins for £100m in June 2013.
ASK and Zizzi were founded by brothers Adam and Sam Kaye before being sold to Gondola in 2004 and 2006 respectively, with ASK deal worth £225m.
ASK currently has 110 sites, while Zizzi has 135, and both brands are undergoing major refurbishment programmes in an effort to attract a younger audience.