Subway explores potential sale 

Subway has announced that its shareholders are exploring a possible sale of the company. 

J.P. Morgan is advising the chain and will conduct the sale exploration process, though Subway said there is “no indication of timing or assurance that a sale will occur”. 

The company added that it “does not intend to make any further public comment regarding the process until it has been completed”.

In a statement, Subway 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. 

“The company recently announced another record-setting year, ending 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth.”

Last month, the Wall Street Journal reported that a sales process, which was expected to attract potential corporate buyers and private-equity firms, could value Subway at more than $10bn (£8.3bn).

The sandwich chain has been owned by its two founding families for more than five decades, and operates from nearly 37,000 restaurants across more than 100 countries.