Eat, the sandwich bar chain, is to announce a £39m refinancing with Penta Capital, according to a report in The Times. The money will be used to expand the chain from its current estate of 45 sites – 35 of which are in London – to 100 outlets within the next three years. The deal will see Penta take 3i’s 42% stake, with Barclays Bank providing £18m in new debt funding. Upon completion Penta will hold a 45% share in the company, which was founded in 1996 by Niall MacArthur. MacArthur has raised his stake to a similar level after increasing his investment to over £1m. The move comes after MacArthur appointed Altium Capital to review the business in April. An IPO was among the options considered. MacArthur, who will remain managing director, said: "We felt we needed a more aggressive and supportive venture capitalist to reach our targets. At that point an initial public offering would be one of the options available to us." The deal is believed to value the company at between £20m and £25m.