- Peter Hoskins, Annabel Liang
- BBC news
Global sandwich chain Subway, which has been family-owned for nearly 60 years, says it is considering a potential sale.
After years of rapid growth, the company is now facing severe cost inflation and increased competition.
The Wall Street Journal, which first reported the story, said the company could sell for more than $10 billion ($8.2 billion).
Investment bank JP Morgan is advising Subway on a potential sale.
subway said We have no plans to provide further updates until the process is complete and have not given any indication as to how long it will take.
Earlier this month, the company announced that it had achieved record sales for the second year in a row. Same-store sales last year saw him up 9.2% compared to 2021, according to Subway.
“We will continue to execute on our multi-year transformational journey,” which includes new menu items and restaurant modernization, he added.
Subway was founded in Bridgeport, Connecticut in 1965 by 17-year-old Fred DeLuca and family friend Peter Buck as Pete’s Super Submarine.
It went through several name changes before finally being renamed Subway in 1972.
Within two years, they had opened 16 sandwich shops in their local state and started franchising their brand. We currently have about 37,000 stores in over 100 countries.
Subway restaurants are owned and operated by franchisees, including thousands of entrepreneurs and small business owners.
In recent months, businesses around the world have faced rising costs on everything from food to fuel.
The company said it will add 10 to 20 pence on many items in its UK restaurants.
In an email to customers, McDonald’s UK and Ireland chief executives said they were facing a “tough choice” on pricing.