According to The Times, the group, which is backed by LGV Capital and led by Mark Crowther, has appointed Sapient Corporate Finance to oversee a review of its options, with a sale process expected to begin early next year.
The company currently operates 75 predominately freehold pubs and two drinks distribution businesses on the Channel Islands.
At the start of this year, it secured a foothold on the mainland with the acquisition of Butcombe Brewery, the Somerset-based brewer and pub operator, in a deal valued at just under £18m.
The deal formed a combined group of 94 pubs, bars and eateries, two breweries brewing over 30,000 barrels of award-winning beer, as well as retail and wholesale operations employing more than 750 staff.
Liberation, which was formed in 2008 following a management buyout led by Crowther and backed by LGV, said it planned further expansion on the mainland through the acquisition of Butcombe.