Sandwich chain Subway is to launch a value menu in March, targeted at credit crunch- conscious consumers.

The range will include cheese toast, meatballs, soup and filled wraps, as well as new varieties of Subway’s signature submarine rolls, development agent James Fleck told British Baker.

"We believe we are recession-resistant in that people still need to eat and we are good value for money, but we are taking the economic climate on board. The new value range will incorporate lower-priced and snacking options, as well as side options."

All will be prepared in front of the customer, as with the standard range, he added.

A trial value product - a ham sub roll priced at £1.49 - has gone on sale this month, targeted at post-Christmas dieters.

Subway will continue to focus on healthy eating as it launches new products in 2009, as health is "always of importance to customers", Fleck added.

New indulgent products are also in the pipeline, he revealed, such as a folded flatbread sandwich, made with bread that is similar to a naan bread.

"We believe this type of product will be new to the UK," he said. "We are confident that our made-to-order food gives customers something a bit better than our rivals and also better value for money."

Subway’s key rivals are Greggs, McDonald’s, KFC and Burger King, he said, although Subway was also taking on Boots, which offers a meal deal, and Marks & Spencer.