Jet2 and Jet2holidays owner Dart Group is disposing of its distribution and logistics business for almost £100 million.

The sale of Fowler Welch will allow the company to concentrate on its airline and tour operating interests.

Fowler Welch, which has assets of £50 million, is being acquired for £98 million by food and drink logistics supplier Culina Group.

Fowler Welch is a leading provider of food supply-chain services and serves retailers, processors, growers and importers through its distribution network.

The business also has a 50% share in a joint venture fruit ripening and packing firm.

Dart 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.”

The sell-off follows Dart raising more than £170 million through a share placing in May.

The proceeds add to £300 million secured by the company in a government Covid loan and a £100 million credit facility.

Dart revealed that about £172 million had been raised through the issuing of new shares.