Sandwich giant Subway has confirmed it is exploring a possible sale.

A deal could value the chain at more than $10bn (£8.2bn), according to an article last month from The Wall Street Journal, which first reported the company had hired advisors to explore a sale.

Subway confirmed that JPMorgan is advising the Connecticut-based company and will conduct the sale exploration process.

“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,” Subway said in the release.

Subway, which has over 37,000 restaurants in more than 100 countries, said earlier this month its same-store sales climbed 9.2% last year.

Subway is not required to disclose its financial results as it is privately owned, but has recently shared sales updates as it undergoes a turnaround effort.

The company has reported eight consecutive quarters of sales growth, it said in a release earlier this month. Digital sales have more than tripled since 2019. The improvements mark a stark reversal after years of sales declines.

As of December 2021, Subway had around 2,300 sites in the UK & Ireland.

Company sales in the territory decreased to £42.9m in 2021, with a total loss of £738,690.