Buyout firms eye joint Subway bid

Some of the world’s biggest buyout firms are exploring the possibility of a joint bid for Subway for around $10bn (£8.3bn), according to Sky News.

Advent International, Bain Capital and TPG are considering teaming up in a so-called “club deal” as the second round of bidding comes to a close.

So far prospective bidders have been prevented from joining forces however the required price tag means many firms have no other option.

Rivals to this joint bid include Goldman Sachs’s asset management arm and TDR Capital, which jointly owns Asda with the billionaire brothers Mohsin and Zuber Issa.

Should any deal go through this would be the first change of ownership in company history, since it was set up in 1965.

In the UK, Subway trades from more than 2,000 sites more than both McDonald’s and Greggs.

In a statement earlier this year the company said: “There is no indication of timing or assurance that a sale will occur.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, modernisation of restaurants and improvements to its overall guest experience.”