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.