Organic fruit and vegetable delivery company Abel & Cole has sold a stake in its business to private equity firm Phoenix Equity Partners, as revealed by Retail Week (October 19).

The deal, which is understood to have been completed over the weekend, is thought to value the business at betweenÂŁ30 million andÂŁ40 million and will net founder Ken Abel a multimillion pound sum.

Abel started his business with£2,000 worth of travellers’ cheques in Catford, south London, by selling potatoes door to door. The company has grown to deliver sales of£28 million and employs about 300 employees.

Abel & Cole, which competes with online grocer Ocado and supermarkets Tesco and Sainsbury’s, now also delivers some meat and mayonnaise.

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