Goldman Sachs amongst bidders for Subway

An arm of Goldman Sachs is amongst potential bidders to acquire Subway after the business was put on sale, according to Sky News. 

Sources said that the Goldman Sachs Asset Management (GSAM) joins Bain Capital, TPG and Asda shareholder TDR Capital as potential new owners of the business, all of whom  are understood to have brought forward offers this week. 

Last month, Subway announced that its shareholders were exploring a possible sale of the company. 

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

At the time, 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.”