UK: Abel & Cole prepares for second sale attempt
The company has turned around its performance over the past couple of years and is now consulting advisers at price Waterhouse and Coopers about a possible sale.
Keith Abel, the delivery firm's chief executive, founded the company in 1988 from the basement of a house in south-east London and it now delivers to more than 50,000 households each week. After building up the business to a value of £40 million he sold the bulk of his business to Phoenix Equity, whilst retaining a minority share-hold.
The company went into decline, but has recently been turned around, though it is still not as valuable as it was at its peak.
Morrisons and the Co-operative group are expect to pay close attention to this news, as are Ocado, who have so far failed to make a pre-tax profit on online grocery sales.
Source: www.independent.co.uk/
