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Jobs are at risk at five Kent drinking holes after Bramwell Pubs and Bars tumbled into administration, blaming cash flow problems.
The company reported a pre-tax loss of £117.7m in its latest accounts and had completed a major restructure in 2012.
It employs 3,300 staff at 185 pubs nationally - including the Phoenix in Ashford, the Pembroke in Gravesend, the Oak Tree in Sevenoaks, the Vineyard in Sittingbourne and the Sovereign in Ramsgate.
Administrators at Zolfo Cooper are considering options to sell the company, which owns Varsity, Smith and Jones and Wild Lime Bar and Kitchen brands.
The majority of the estate will continue to trade at present.
The Marlow-based firm reported its huge pre-tax losses after incurring £115.1m exceptional costs to settle debts last year.
Zolfo Cooper partner Peter Saville said: “We will continue to trade the business while exploring all possible options for its future including a sale of the business and would like to thank the staff for their continued support and professionalism during this process.”