Jersey Mike’s has closed a European expansion deal led by founder Peter Cancro

Jersey Mike’s Subs is taking its signature sandwiches overseas with its first European expansion of the year, the company said Monday.

The effort is being led by the brand’s founder and chairman, Peter Cancro, through his company JM Submarines UK LTD.

The deal between Jersey Mike’s and Cancro envisages the opening of 400 stores in the UK and Ireland, and will be the first in a series of plans for future international growth. Blackstone will acquire privately held Jersey Mike’s for $8 billion in late 2024.

“All consumers, not just here in the United States but around the world, are looking for great value, but they want quality. They want authenticity,” Jersey Mike’s CEO Charlie Morrison said in an interview with CNBC. “Everything about the brand embodies quality and freshness, and I think that’s what consumers anywhere in the world want. They’re going to be selective and careful about what they choose, but we strongly believe they’ll choose Jersey Mike’s over everyone else.”

Morrison noted that the deli-style subs have become a staple internationally, and he plans to stay true to the brand’s roots in this expansion. Jersey Mike’s positive same-store sales growth over 20 consecutive years in the U.S. has helped drive international traffic, he said.

At Wingstop, where Morrison serves as CEO until 2022, the brand has pushed aggressively into international markets and been a pandemic winner in both stock performance and sales.

“I’ve learned in the past that consumers around the world really prefer that you bring them to them…which is what got the brand to where it is today,” Morrison said.

Cancro founded Jersey Mike’s in 1975 after purchasing the first Mike’s Subs store in Point Pleasant, New Jersey, and he led the brand as CEO for nearly 50 years, until Morrison took over in April 2025.

Diners may see different toppings or sauces abroad than they see in the United States, but the product will be consistent with what is served in the United States, he said.

“We see it as a great market for sandwiches,” Cancro said of Europe. “[There are] “There are a lot of players in the market, and we see a huge opportunity.”

Morrison said the American consumer has become increasingly value-conscious, but Jersey Mike’s believes it can still attract customers in that environment.

“We’ve certainly seen some challenges in the bottom line throughout the industry, but again, at Jersey Mike’s, it’s a desirable product. It’s a product that’s going to be a staple for consumers for a long time to come,” he said.