Subway sandwich chain explores possible sale of the business
Subway, one of the world's largest restaurant brands, has confirmed it is exploring a possible sale of the business.
The sandwich chain said Tuesday (14 February) its shareholders were looking to sell the company but gave no details of a possible timeline.
Investment banking giant J.P. Morgan is advising the group and will conduct the sale exploration process.
Subway was founded by 17-year-old Fred DeLuca and family friend Peter Buck in Bridgeport, Connecticut in 1965.
Originally named Pete's Super Submarines, it settled on the Subway name in 1972, and is still owned by its founding families.
Subway was the fastest growing franchise in the world in 2015 and now has almost 37,000 global restaurants. Its first UK site opened in Brighton in 1996 and it now has more than 2,000 locations in the UK.
The Wall Street Journal, which first reported the story, said a sale could see Subway valued at more than $10b (£8.2b).
"The company does not intend to make any further public comment regarding the process until it has been completed," Subway said in a statement.
"The management team remains committed to the future and will continue to execute against its multi-year transformation journey, which includes a focus on menu innovation, modernization of restaurants and improvements to its overall guest experience."
Subway said it exceeded global sales projections in 2022 with eight consecutive quarters of same-store sales growth.
Image: Tupungato / Shutterstock
