Last month Majestic Wine started their sale process and the wine retailer has confirmed there are a number of potential buyers.
In March the group announced they are to rebrand to Naked Wines, which is the name of their online business.
The company said on Tuesday that they are reviewing all operations and there is still no certainty any sale will proceed.
Analysts at Liberum said, “We have always been fans of the group and always thought it undervalued, and we continue to do so.”
Liberum has valued Majestic between £110m and £130m, however anything from £75m to £100m should be seriously considered.
On Tuesday, shares were up by 3.3% in early morning trading.