Peter Buck, co-founder of Subway dies aged 90
Peter Buck, better known as the man who co-founded the largest fast-food chain in the world, Subway, has died aged 90. A statement from Subway confirmed that he passed away last November 18, at a Connecticut hospital. His cause of death was revealed.
Born in Portland, Maine, building the world’s biggest fast-food company began on August 28, 1965, when he opened his first sandwich shop with his friend, Fred DeLuca. ‘Pete’s Super Submarines’ opened in Bridgeport, funded by $1,000 that the then nuclear physicist Dr Buck put into the venture. At that time, their most expensive sandwich cost 69 cents.
On their first day in business, Buck, and his partner, DeLuca, sold out of product, a foot-long sub- so-called because they resembled submarines – which to this day is still the chain’s staple menu. Three years down the line the friends changed the name to Subway, and had the initiative of turning their model into a franchise. A move that made them both into millionaires eventually.
DeLuca passed away aged 67, in 2015. A recent report by Forbes estimated Peter Buck’s nett worth to be around $1.7 billion (€1.5b).
Subway has massively out-franchised burger giants McDonald’s, and coffee chain, Starbucks. According to Subway, they have around 40,000 locations worldwide, while the other two have about 39,200 and 32,000 respectively.
In 1996, Subway opened its first British location in Brighton. Its 100th outlet in the UK was opened in 2002, and at the end of October 2021, there are an incredible 2,209 locations across the British Isles.
Interviewed in 2014 by The Wall Street Journal, Buck told them, “We didn’t make a profit for 15 years”. When they asked if he ever dreamed his idea could grow into such a huge success, he replied, “Well, I always thought we’d get bigger and bigger, but I really didn’t have a certain number in mind”, as reported by dailymail.co.uk.