Jersey Mike’s strikes European expansion deal led by founder Peter Cancro
Jersey Mike’s Subs will take its signature sandwiches overseas with its first European expansion set for this year, the company said Monday.
This effort is led by the brand’s founder and executive chairman, Peter Cancro, through his company JM Submarines UK LTD.
The deal between Jersey Mike’s and Cancro’s sees the opening of 400 stores in the UK and Ireland, the first of a series of plans for future international growth. Privately owned Jersey Mike’s was acquired by Blackstone in late 2024 for a reported $8 billion.
“Consumers, not just here in the U.S. but all over the world, are looking for great value, they also want quality. They want authenticity,” Jersey Mike’s CEO Charlie Morrison told CNBC in an interview. “Everything about the brand screams quality and freshness, and I think that’s what consumers around the world want. They will be selective and careful about what they choose, but we strongly believe they will choose Jersey Mike over all others.”
Morrison noted that 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 20 consecutive years of positive same-store sales growth in the U.S. helped inform the international move, he said.
Jersey Mike’s restaurant in Walnut Creek, California, USA on Thursday, November 21, 2024.
David Paul Morris | Bloomberg | Getty Images
At Wingstop, where Morrison serves as CEO until 2022, the brand made a big push into international markets and emerged as the pandemic winner in both stock performance and sales.
“I’ve learned in my background that consumers all over the world really prefer to have what makes the brand where it is today brought to them,” Morrison said.
Cancro founded Jersey Mike’s in 1975 after purchasing the first Mike’s Subs store in Point Pleasant, NJ. He led the brand as CEO for nearly 50 years until Morrison took over in April 2025.
He said restaurants may see different sauces or sauces abroad than they do in the U.S., but the product will remain true to what’s served in the United States.
“We see this as a big sandwich market,” Cancro said of Europe. “[There are] “There are many players in the market and we see tremendous opportunity.”
Morrison said the U.S. consumer is increasingly value-conscious, but he believes Jersey Mike’s can still win over restaurant customers in this environment.
“Sure, we’ve seen some challenges in the lower end of the industry, but it’s still a desirable product for Jersey Mike’s. It’s going to be a staple for consumers for a long time,” he said.
