Abel and Cole sells part of the greener grocer

Abel and Cole, the 20-year-old daddy of organic box schemes, has sold a stake to the private equity firm, Phoenix Equity Partners. Abel and Cole doesn't want to disclose exact figures, but assures us it will still have a say in how the business is run.

Critics, sceptics and Abel and Cole fans alike have responded to the news with mixed feelings. Most are worried that their beloved greener grocer is going to follow in the footsteps of companies such as Green & Black's and The Body Shop and sell out completely to the big corporate behemoths.

But Abel and Cole has tried to calm sceptics by explaining the difference between its decision to sell stakes to Phoenix and other green/ethical companies' decisions to sell to multinationals: "The equivalent for us would be to sell to a large supermarket chain. No prizes for guessing why we didn't do that -- we want to retain our independence and the integrity of the way we have always worked. Phoenix is in the business of offering private investment to entrepreneurial businesses like ours in order to help them grow. They certainly don't have any prior experience of organic food or food retail, and therefore simply can't do the sorts of things a big supermarket business would probably do if they were involved."

Keith Abel, who founded the now £28-million-a-year organic delivery company, says about the investment: "Phoenix are a perfect fit for us. I didn't want to sell up and be shunted into retirement, and Phoenix are used to working with entrepreneurs; they will let us carry on doing what we're best at, and support us with the rest of it."

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