Abel & Cole, which delivers organic vegetables boxes in the south east of England, has reportedly sold a stake in the business to private equity firm Phoenix Equity Partners.

The stake values Abel & Cole at between £30m-£40m, according to reports in the Daily Telegraph, and Abel & Cole now plans to expand the service across the UK.

Last month, co-founder Keith Abel told The Grocer he was searching for a cash injection to fund growth plans. "We have ambitious plans to go nationwide and are looking at how we can finance this," he said.