Bank of Scotland has agreed a deal with Innocent Drinks to provide funding to help aid the smoothie company's expansion across the UK and Europe.

The deal, confirmed yesterday (16 January), will offer financing of GBP32m (US$63m) to the company.

Bank of Scotland's head of corporate banking for the North East Tim Pryor said: "Their (Innocent's) 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." 

Innocent's head of finance James Davenport added: "The team at Bank of Scotland has been very supportive of Innocent over the last couple of years. The new financing package that has now been put in place 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."