Globe Pub Company, the 424-strong leased and tenanted pub company owned by Robert Tchenguiz, is at risk of breaching its securitisation covenants within the next three months.
The latest quarterly financial report covering the period to 29 November 2008 shows sales fell by 10.8% to £11.28m in the three months.
An external financial consultant is to be appointed to review the workings of the company.
The decision to bring in consultants was triggered the level of ebitda falling below an agreed ratio to annual interest repayments of 1.35 to 1.
The rent roll decreased by £700,000 to £12.6m in the quarter.
A report from Globe said: "37 outlets had concessions in place durin the quartewr, an increase of seven on the last quarter.
"This covered 32 outlets as five outlets had more than one concession in place over the quarter.
"This is reflective of the increased support we are offering to lessees in the testing market conditions at present."
Drinks volumes were down 8%, in line with declines in the rest of the year.
The company has 22 pubs on the market with Globe, hoping to raise £7m. Contracts have been exchanged on two more pubs which are expected to sell for £1.2m.