Abel & Cole set to extend organic box scheme

Organic box scheme Abel & Cole is set to extend its business across the UK in a move that will see its founder net a multi-million-pound sum.

The firm, set up in 1988, delivers boxes of fruit, vegetables and meat directly from farmers to 48000 consumers in the South East each week.

Multi-million-pound sum

Now the company is looking to extend the scheme across the UK and has appointed financial group PricewaterhouseCoopers to carry out a strategic review, due to begin in the autumn.

The review is expected to value the company at about £55m, netting the Abel & Cole’s founder and major stake holder Keith Abel a multi-million-pound sum.

Finance expension

Following the review, the company is expected sell some its equity to finance the purchase of more depots, delivery vans and production sites across the UK.

Abel & Cole reported pre-tax profits of £3.1m on a turnover of £20m last year. It’s turnover is expected to reach £30m in 2007.