Monday 14th January 2008
Bank of Scotland Corporate has completed a deal to provide £32 million finance facilities to the Innocent Drinks Company, one of the UK's leading distributors of fruit smoothies and drinks.
Innocent Drinks manufactures and supplies fruit smoothies and other fruit drinks in the UK and across Europe. The funding from Bank of Scotland will help support Innocent's growth strategy which includes continued expansion in the UK and further growth into Europe and the US.
Set up in 1998 by Cambridge graduates Richard Reed, Adam Balon and Jon Wright, the business has since grown from strength to strength. It has doubled in size in each of the past three years and now has a £115 million annual turnover. Last month, the company launched in Austria following bright starts in Germany, Scandinavia and France.
Innocent drinks are sold in 100% recycled plastic bottles, whose labels bear the now-familiar 'halo' logo and distinctive messages, which have helped make Innocent a familiar consumer brand. The company has won numerous accolades including most recently "Growth Strategy of The Year" and "Business Innovation of the Year" at the National Business Awards 2006, "Company of the Year" and "Brand Campaign of the Year" at the XL Awards 2006 and "Fastest Growing Food and Drinks Company" in the Sunday Times Fast Track 100 list 2005.
Adam Barraclough from Bank of Scotland Corporate's Commercial Banking team in Sheffield was responsible for clinching the deal. Tim Pryor, Head of Corporate banking for the newly formed North East Region said:
"We are absolutely delighted to win this mandate and support the incredible success story that is Innocent Drinks. Their growth in recent years to become the dominant force in the UK's competitive smoothie market should be an inspiration to other budding entrepreneurs. The fact that Innocent has chosen us as their partner further underlines our credentials as the bank for entrepreneurs. We can't wait to work with them on the next chapter of their development."
James Davenport Head of Finance from Innocent: "The team at Bank of Scotland in Sheffield has been very supportive of Innocent over the last couple of years. The new financing package that has now been put in place by Adam will enable us to keep on growing our business into the future.
"The team has made the whole process work very smoothly and effectively. The approach they have taken reflects the entrepreneurial spirit we have here at Fruit Towers."
Notes to Editors
Bank of Scotland Corporate,part of the HBOS Group, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. Total lending at June 2007 stood at £95.8 billion.
