Pizza Express has been put up for sale after bondholders agreed to plans to close 70 restaurants.
The company, owned by Chinese private equity firm Hony Capital, has hired Lazard to run the sale.
If it fails to attract high enough bids, the bondholders will take control of the business.
Pizza Express has 627 outlets, including 475 company-owned restaurants in Britain and almost 150, mostly franchises, overseas.
