U.S. quick-service restaurant (QSR), Subway, has announced a significant expansion in India, Sri Lanka and Bangladesh through a new agreement with Everstone Group – a South Asia-focused leading private investment firm.
The deal marks one of the largest master franchise agreements in the company’s history.
“Today’s announcement represents a significant step in Subway’s transformation journey and global expansion plans,” said Subway’s Chief Executive Officer, John Chidsey.
“Everstone, with extensive knowledge and proven restaurant operational expertise in the region, is the ideal partner as we begin this new chapter for Subway in India and South Asia.”
Through the deal, Everstone has set a target of more than tripling the number of restaurants in 10 years from the nearly 700 locations that exist today. Subway will also look to upgrade existing locations to match the company’s new, modern and inviting design.
The move to partner with Everstone comes at a time when Subway is seeing huge demand from existing Subway customers in India, according to Subway’s EMEA President, Mike Kehoe.
The Everstone agreement plays a part in Subway’s multi-year transformation journey to improve across all aspects of the brand as the company expands its presence worldwide.