PE firm Advent among suitors for sandwich chain Subway

Advent International is reportedly one of several private equity firms that have progressed through to the second stage of an auction of sandwich chain Subway.

According to Sky News, Advent submitted an indicative offer for the US-based company, which could fetch a valuation of between $8bn (£6.6bn) and $10bn (£8.3bn), earlier this month.

It joined rival bidders including Goldman Sachs' asset management arm, Bain Capital, TDR Capital - the joint owner of Asda - and TPG.

TSG Consumer Partners, which counts Brewdog among its investments, has also been monitoring the situation, Sky said.

Subway said last month that it was exploring a sale, paving the way for a change of ownership for the first time since its maiden store was opened in Connecticut in 1965 by nuclear physicist Peter Buck.

In the UK, Subway trades from more than 2,000 sites, selling made-to-order sandwiches, wraps and salads. It is bigger in Britain by number of outlets than rivals such as Greggs and McDonald's.

In a statement last month, the company confirmed that its shareholders were "exploring a possible sale of the company".

"There is no indication of timing or assurance that a sale will occur," it said at the time.

"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."