Richard Caring has begun exploring the sale of his The Ivy and Ivy Asia concepts, according to Sky News.
The businessman is said to have appointed bankers at HSBC to advise on the process.
Sources said on Thursday that it was not certain that Mr Caring would decide to sell a controlling stake in the two brands
His other restaurants, which include London’s Scott’s, Sexy Fish and J Sheekey, are understood to be excluded from the prospective process.
Private members’ clubs, including Annabel’s and Mark’s Club in Mayfair, are also not included.
The Ivy was founded at a site near Leicester Square in 1917 by two friends, Abel Giandolini and Mario Gallati, with the latter then going on to open Le Caprice.
Caring took over Caprice Holdings in 2005 and has since successfully expanded the The Ivy brand.
The Ivy Collection grew turnover by more than £100m in the year ended 1 January 2023, driven by expansion of the Ivy Asia brand.
Turnover rose from £200m the prior year to £302m in 2022 and profit before tax increased from £20.4m to £29m, while adjusted EBITDA rose from £37.9m to £54.8m.
In comparison, the group reported turnover of £198m and profit before tax of £17.2m in the year ended December 2019.
