THE failed barrister who set up a home-delivery company specialising in boxes of organic fruit and vegetables is poised to land a multi-million-pound fortune from the sale of a stake in his fast-growing business.

Keith Abel started the operation, Abel & Cole in 1988, and is now looking to realise part of his investment by bringing in a new investor.

Any deal is likely to value the company at up to £50m.

Two private-equity firms are leading the chase to buy into the business. They are European Capital, a mid-market firm that owns the Farrow & Ball paint company, and Phoenix Equity Partners, which has backed companies including luxury shoemaker Jimmy Choo and sportswear brand Musto.

They have both opened talks with Price Waterhouse Coopers, the firm advising Abel on the deal, but the accountant has yet to decide whether to restrict negotiations to the two firms or widen the talks to include other interested parties.

Abel started the company, after failing his bar exams, by selling potatoes door to door.

Today, the company has about 300 staff and generated £2.5m profit on sales of £19.8m for the year to August 2006, the most recent date for which figures are publicly available. One of Britain’s biggest privately owned waste management and recycling businesses has been put up for sale for up to £50m.

Verdant Group, owned by brothers Simon and Jon Miles, has asked KPMG to find a buyer. Trade rivals and private-equity firms are likely to be interested. The brothers acquired the business in 2002 from Saur, the French utility group.

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