SSP, the food group headed by former WH Smith boss Kate Swann, has taken its first step towards a London listing by hiring investment firm Lazard to advise on its market debut.
A listing could value the Café Ritazza and Upper Crust company at around £2bn.
Swedish private equity firm EQT is understood to have run a beauty parade of investment bankers at the end of last year with Lazard understood to be named as the successful bank.
Lazard and SSP declined to comment.
EQT is likely to name two other banks at a later stage to act as book runners for the London initial public offering (IPO).