The deal is being funded by a combination of equity backing from ECI Ventures and debt from BHF Bank, part of ING Barings. The company has earnings before interest and tax of £2.8m and a turnover of £25m. The chain has been built up by Paul Benjamin and his family and is aimed at the value end of the sandwich market. Rickwood intends to increase the number of branches to 100. Rickwood has appointed Bill Holroyd as non-executive chairman who owns the Millies Cookies chain and was founder of Holroyd Meek.

Ian Rickwood, Bill Holroyd and ECI Ventures were advised by Paul Mitchell of Rickitt Mitchell & Partners Limited.