Innocent, the smoothie group founded by three Cambridge graduates a decade ago, is selling a minority stake for up to £35m to expand in Europe and develop new kinds of food products as smoothie sales in the UK decline, writes Jenny Wiggins, Consumer Industries Correspondent.

It is the first time the company has brought in an external investor since an American, Maurice Pinto, gave the company £235,000 to help it get started in the late 1990s.