A retaining and cutting device for positioning a leading edge of material at one end of a roll and for puncturing and severing the material a pre-determined distance from the leading edge after removing from the roll, the retaining device comprising elongated jaw members pivotally connected together, a closure member normally urging the jaw members together, and a cutter along one edge of at least one of the jaw members. Extensions of the jaw members are manually grasped to urge the jaw members into an open position for insertion of the next leading edge of material therebetween. The device may also be utilized as a cutting tool for opening sealed boxes and the like.