UK-based 2 Sisters Food Group (2SFG) has reached an agreement to sell its Manton Wood sandwich business to Samworth Brothers, owner of Cornish pasty maker Ginsters.

The companies have not disclosed the financial details of the transaction.

2SFG’s Manton Wood sandwich business is a Boparan Holdings subsidiary and produces a range of retailer sandwiches, wraps and rolls.

Boparan Holdings president Ranjit Singh 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.

“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.”

“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.”

Completion of the deal is subject to customary closing conditions and regulatory clearances, which is expected to take place in the coming months.

2SFG CEO Ronald Kers said: “Our transformation is progressing well as we continue to give greater focus on our core, strengthen our management team and improve our operational performance.”

In August, 2SFG announced an expansion of its prepared meals factory in Carlisle with a capital investment of £7m.