Administrators at Po Na Na, the collapsed late-night bar chain, said they have had several expressions of interest in the operation, which goes on sale today.

The administrator, Grant Thornton, will try to sell the core estate of 35 outlets as one lot, with Luminar, First Leisure and Springwood all expected to consider making a purchase.

Malcolm Shierson of Grant Thornton said yesterday: "With the loss-making units stripped out, what remains is both profitable and cash generative."

However, observers are pessimistic. Nigel Popham, an analyst at Teather & Greenwood, said: "I think only 10 to 15 of the clubs are really viable. Many of them are ultimately going to close."

Christian Arden, Po Na Na's chief executive, is expected to make a bid for several of the sites.