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Coca-Cola to increase Innocent stake to more than 90%
Coca-Cola is set to increase its share in Innocent Drinks to more than 90% as the smoothie makers founders step away from the day-to-day running of the business.
Joint CEO Richard Reed said that he and fellow founders Adam Balon and Jon Wright would remain on the executive committee and the Innocent Board, but that they would be handing over the reins to the existing management team, although full details are yet to be announced.
Coca-Cola currently has a 58% stake in the business but will take the extra share from May.
Reed stressed that the company will remain the same with the same people and products and will continue to be run by Innocent. Reed added the time was right for this move and claimed that the relationship with Coca-Cola had proved to be a huge success.
This is the third deal that Innocent have done with Coca-Cola, the company has doubled the size of the business from £105m sales in 2008 to £209m - during a recession and returned the business to a profit for the first time since 2007.
