The owner of Prezzo is exploring whether to put the Italian restaurant chain through an insolvency process amid continued uncertainty about the industry’s reopening timetable, Sky News reports.

Cain International, which bought Prezzo in December, is in discussions with landlords about future rent arrangements and the payment of arrears.

City sources said on Monday that Cain, which is working with advisers at FTI Consulting, was examining a number of options, depending upon the progress of talks with restaurant-owners.

These included a pre-pack administration or a company voluntary arrangement (CVA) as well as a consensual restructuring, the insiders added.

Cain, a real estate investor which owns other leisure assets such as Swingers, a chain of crazy golf sites, is expected to decide on a plan for Prezzo in the coming weeks.

It acquired Prezzo in early December, but uncertainty about a reopening date for hospitality businesses and the treatment of rent arrears by commercial landlords have forced talks with creditors.

Prezzo is run by executive chairman Karen Jones.

Cain and Prezzo declined to comment.