Jet2.com owner Dart Group has sold its distribution business for £98m.

Dart sold Fowler Welch to Culina Group Limited for a gross cash consideration of £98.0 million, it told investors today.

Fowler Welch is one of the UK's leading providers of food supply-chain services and serves retailers, processors, growers and importers through its distribution network. In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, located at its Teynham facility.

As of the end of March Fowler Welch had unaudited net assets of £60.5 million.

A spokesperson said: "The Board believes that the Transaction will enable the Group to focus on its long-term strategy of growing its Leisure Travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership."