The decision by the bank to back Cherrygood to the tune of £600,000 comes just months after the owners had launched an outspoken attack on the country’s banks.
Entrepreneurs John Heseltine and Martin Hall had previously blamed a lack of support from most of the high street banks for holding up their rate of growth and worldwide expansion plans.
Now, thanks to the backing of Clydesdale Bank, the company plans to build on its first year turnover of £1.2m – significantly more than the now established Innocent achieved in its first year of trading – with aggressive growth planned for the UK, Europe, Middle East and US.
The inspiration for Cherrygood came while John Heseltine lived in the US. Having studied at Harvard, he spent time in the ‘cherry belt’ in Michigan, from where he now sources his Montmorency cherries. John had previously created and sold Lovejuice, a natural fruit juice retail chain, for £3.4m.
Source: Cherrygood
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