Subway Tycoon Peter Buck Dies Aged 90 After Co-founding ‘Pete’s Super Submarines’ in 1965 Before Becoming $1.7bn Franchise King of 40,000 Branches

The co-founder of the world’s largest fast food chain – Subway – has died aged 90. Peter Buck, a nuclear physicist who was born in Portland, Maine, in 1930, died at a hospital in Connecticut on November 18, Subway said in a statement. The cause of his death was not disclosed

The co-founder of the world’s largest fast food chain – Subway – has died aged 90.

Peter Buck, a nuclear physicist who was born in PortlandMaine, in 1930, died at a hospital in Connecticut on November 18, Subway said in a statement. The cause of his death was not disclosed.

At 17, family friend Fred DeLuca had asked Buck how he could make some money to help pay for college. Buck’s answer? Open a sandwich shop.

In 1965, Dr Buck – who provided start-up funds of $1,000 – and DeLuca opened ‘Pete’s Super Submarines’ in Bridgeport, with the priciest sandwich selling for 69 cents.

The day their shop opened, on August 28, 1965, Dr Buck and De Luca sold out of their foot-long subs, which remain a staple of the chain’s menu today.

The duo changed the name to ‘Subway’ three years later and decided to turn it into a chain by franchising – a move that would eventually make both of them billionaires.

Forbes estimated Buck’s net worth at $1.7 billion. DeLuca died in 2015 at age 67.

Subway says it now has more than 40,000 locations worldwide, topping McDonald’s and Starbucks, which have around 39,200 and 32,000 respectively.

The first Subway outlet in the UK opened in Brighton in 1996.

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SOURCE: Daily Mail, Harry Howard