Keith Abel, founder of organic delivery company Abel & Cole, has confirmed that Phoenix Equity Partners is to become the first outside investor in the company.
The deal is believed to value Abel & Cole at between £30 million and £40m.
With the help and money from Phoenix, Abel plans to branch into more products and regions.
“Up until this, the business was completely private, and that’s not a great thing for a business of this size, because essentially every piece of risk is being taken by myself, and we’ve changed that,” he said. “So far, I’ve funded Abel & Cole myself. I’ve paid for our investments - our vans, our website, our warehouse - myself, taking personal loans in the early days and borrowing from my family.”
The firm, which was founded in Catford, south London, in 1988, also delivers in Manchester, Bristol and Brighton, and tots up annual sales of £28m.
