Eat, the UK-based sandwich chain, is to be put up for sale for £120m to £150m according to reports. PricewaterhouseCoopers (PWC) has been appointed by Eat and its shareholders to conduct a strategic study of the company.Eat is 45% owned by Niall MacArther, who set up the business in 1996. Penta Capital owns another 42% stake in the company after acquiring the stake from 3i in 2005.It is expected that a process to sell Eat could start in September and be finished by the year-end. A number of buyout groups are among the potential bidders.