Link to the article: Guardian
Innocent insists founders will keep operational control despite 58% of shares going to Coca-Cola.
The founder of Innocent smoothies denied last night he had sold out to Coca Cola despite allowing the US multinational to swallow a 58% stake in the small and ethically-minded British business.
Richard Reed said the existing directors would continue to control Innocent and their goal of bringing healthy drinks to a global market could only be enhanced by a transaction estimated to be worth £75m.
"I genuinely believe that this is not a selling out but a continuation of our work. There will be no change in the commitment to natural healthy food, to sustainability and to giving 10% of our profits to charity.
"We remain in full operational control of the business and we should be able to proceed towards our goal of taking Innocent to every country in the world," he added.
Innocent, which markets itself as Europe's favourite smoothie company, is the latest in a long line of UK firms falling into the hands of foreign ownership but is also another example of a business set up with high-minded goals that has been taken over by a very large and conservatively-run predator.
Cadbury, which had caused adverse comment by buying up the Green and Black chocolate firm, was itself recently bought up by Kraft of America while Body Shop has been acquired by L'Oreal and Pret a Manger by McDonald's.
Innocent has been working with Coke since the US group took an initial 18% stake in the business last year. The latest deal sees a further 40% of Innocent change hands, largely due to the disposal of shares by one of the original "angel" investors in Innocent.
But Reed and his co-founders, Adam Balon and Jon Wright, have also sold a small number of their shares giving Coke the 58% stake while protecting their ability to run the company in the way they want by legal agreement, they say.
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