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Subway is to create 400 jobs across the country next year when it opens 40 new stores representing an investment of up to €5 million.

The world's largest sandwich brand already operates 117 stores in Ireland, all of which are owned by local businesspeople on a franchise basis. 

A spokesperson for Subway said Ireland "is a great success story" for the brand.

Today businessman Owen O'Driscoll opened the 16th store for 2013 in Douglas, Cork. 

"In Ireland the SME sector is the backbone of our economy and for me the opportunity to start and run a business has been fantastic. Starting from a base of zero I now employ a team of over 26 people across three stores," he said.

"From a business perspective, the low costs involved in set-up, allied to the brand strength and the support of a network of small business owners just like me makes it an ideal new business venture."