Food to go brand Subway has confirmed that it is considering a sale of the company.

The chain, which has 2,273 sites across the UK including a large presence in the convenience channel, informed its shareholders earlier this week that it was “exploring a sale”.

Despite there being no indication of timing or assurance that a sale will occur, financial services provider J.P. Morgan is advising Subway and will conduct the sale exploration process.

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

In a statement, it 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.”

Earlier this year, Subway reported a 9.2% increase in same-store sales in 2022, compared to 2021, and a 29.1% increase in same-store sales, compared to 2020.