Pressure on companion with round cloak (6)

I believe the answer is:

poncho

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'cloak' is the definition.
(poncho is a kind of cloak)

'pressure on companion with round' is the wordplay.
'pressure' becomes 'p' (abbreviation).
'companion' becomes 'ch' (I've seen this in other clues).
'with round' becomes 'o' (round can mean a round object. I am not sure about the 'with' bit.**).
'p'+'on'+'ch'+'o'='PONCHO'

Can you help me to learn more?

(Other definitions for poncho that I've seen before include "Garment with hole for head" , "Overgarment with hole for head" , "Simple garment" , "Blanket-style cloak" , "apparel" .)

I've seen this clue in The Telegraph.

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