Munch cold cut (4)

I believe the answer is:

chew

'munch' is the definition.
(to munch is to chew or bite)

'cold cut' is the wordplay.
'cold' becomes 'C' (eg on taps).
'cut' becomes 'hew' (hew can mean to chop or cut).
'c'+'hew'='CHEW'

(Other definitions for chew that I've seen before include "Munch" , "Bite and grind food in the mouth" , "What gossips do to fat" , "champ" , "Work or grind between teeth" .)

I've seen this clue in The Independent and The Telegraph.

Want a hint initially instead of a full solution? Install my app