Organic fruit and vegetable box business Abel & Cole has moved back into the black after posting sales of £28.7m in the year to August.
The company, which made a £27m loss in 2008-09, posted pre-tax profits of £4.2m in the year to August 2010.
Founder Keith Abel sold the business to private equity house Phoenix Equity Partners in 2007, but returned at the start of this year. He has since overseen a restructuring of management and the company’s supply base.
The recession and mismanagement were cited as factors behind Abel & Cole engineering a debt-for-equity swap with Lloyds Banking Group in February.
‘Boom times’ are back boasts Abel’s founder (6 November 2010)
Losses mount for Abel & Cole (16 April 2010)