Sandwich chain Subway explores sale of business

Global sandwich concatenation Subway says it is exploring a imaginable merchantability of the concern aft astir six decades of household ownership.

The steadfast has been increasing rapidly for years but is present facing pugnacious soaring costs and accrued competition.

A merchantability of the institution could worth it astatine much than $10bn ($8.2bn), according to the Wall Street Journal, which archetypal reported the story.

Investment banking elephantine JP Morgan is advising Subway connected the imaginable sale.

Subway said that it does not program to springiness immoderate further updates connected the process until it is completed and did not springiness immoderate denotation of however agelong it could take.

Earlier this month, the institution announced its 2nd twelvemonth successful a enactment of grounds sales. Subway said same-store income roseate 9.2% past year, compared to 2021.

It added that it would "continue to execute against its multiyear translation journey", that includes caller paper items and modernising its restaurants.

Subway was founded successful 1965 arsenic Pete's Super Submarines successful Bridgeport, Connecticut, by 17-year-old Fred DeLuca and household person Peter Buck.

It went done respective sanction changes earlier yet being renamed Subway successful 1972.

Within 2 years they had opened 16 sandwich shops successful their location authorities and past started to franchise the brand. It present has astir 37,000 outlets successful much than 100 countries.

Subway restaurants are owned and operated by franchisees, including thousands of entrepreneurs and tiny concern owners.

In caller months, companies astir the satellite person faced rising costs of everything from nutrient to fuel.

The institution said its UK restaurants would beryllium adding betwixt 10p and 20p to a fig of items.

In an email to customers, the main enforcement of McDonald's UK and Ireland said it was facing "tough choices" astir its prices.