2 Sisters Food Group is selling its sandwich business Manton Wood to Samworth Brothers in a move it says will allow it to focus on strengthening its core operations.
Located in Nottinghamshire, it produces a range of retailer chilled sandwiches, wraps and rolls.
The finalisation of the transaction is subject to customary closing conditions and regulatory clearances, which are expected to be completed in the coming months.
Ranjit Singh, President of Boparan Holdings said: “This transaction is a significant deal and marks another positive step forward in the transformation of our business. It further strengthens our balance sheet, with a combined total of more than £350m in cash proceeds from the three disposals we have made in the past six months.
“As a Group we are following through with our promises and focusing on our key strengths. This deal ensures Manton Wood is sold to a good new home that will enable it to continue to flourish and thrive.
“Any sale we make has to be at the right time, with the right buyer, and it has to be a deal that fits with our long-term strategy. This deal does just that.”
Ronald Kers, chief executive of 2 Sisters Food Group, added: “Our transformation is progressing well as we continue to give greater focus on our core, strengthen our management team and improve our operational performance.”