A number of rival pub groups are looking at making bids for Amber Taverns.
Blackpool-based Amber is owned by the MxP investment business.
Its pubs include The Billy Wright, Wolverhampton; The Saracens Head, Dudley; The White Horse, Sedgley; Brier Rose, Brierley Hill; Stourbridge Lion; William Archer, Wednesbury; The Windmill's End, Blackheath; Tap & Tanner, Walsall; Hogarths, Stafford; Jack 'Jigger' Taylor, Brownhills; Raven, Wellington and Butchers, Oswestry.
Sapient Corporate Finance is handling the sale with the chain of 154 pubs valued at around £200 million.
Burton upon Trent-based Punch Pubs is reported to be one of those exploring a potential takeover that has requested information on Amber from the advisers.
Heineken and Admiral Taverns are also expected to examine bids.