Subway could be sold in huge move that would affect thousands of restaurants
Subway is looking at possibly selling off its business, in a move that could potentially affect thousands of its restaurants.
The popular sandwich chain announced on Tuesday that its shareholders were exploring a sale of Subway but did not share much more.
The company did not indicate how long the sales process could take or whether there were any interested parties at the moment, it also said it couldn't confirm if a sale would actually take place.
The investment banking giant JP Morgan is advising Subway on the potential sale.
In its announcement Subway said it would not be making any further public comment right now.
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In the statement, the sandwich chain said: "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."
According to the Wall Street Journal, which first reported the story, a sale of the company could value it at more than $10billion (£8.2bn).
Earlier this month, the company announced its second year in a row of record sales. Subway said same-store sales rose 9.2% last year, compared to 2021.
The Connecticut-based Subway has been privately owned since its founding in 1965.
The global brand was first founded by 17-year-old Fred DeLuca and his family friend Peter Buck and the company has been owned by the founding families since its first restaurant opened, however, it has franchised its business.
The brand went through several name changes starting with Pete's Super Submarines, but settled on Subway in 1972.
Across the world, Subway has nearly 37,000 restaurants across 100 different countries, which makes it one of the largest restaurant chains in the entire world.
According to Subway's website, as of February 2023, there were around 2,300 Subway locations in the UK with over 1,800 in England, 202 in Scotland, 107 in Wales and 99 in Northern Ireland.
The first UK store opened in 1996 and in 2021 it celebrated its 25th anniversary in the country.
Subway is famous for its "footlong" sandwiches with some of its most popular products being its Italian B.M.T., Meatball Marinara, and Steak & Cheese subs.
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The chain also specialises in wraps, hot sides such as pizza subs and wedges, and salad bowls.
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