Use of "&" vs. "And" in Grammar

Hello and thank you for your interesting question.

'&' doesn't appear very often in formal writing, but does sometimes make an appearance in company names, artistic titles such as 'Tom & Jerry' and situations where spelling 'and' takes up too much space. 
It would be acceptable to use both '&' and 'and' in the phrase 'Tom &/and Jerry'. 

I hope that this provides a bit of clarity.