Ambitious juice brand Cherrygood is hoping to compete with Ocean Spray by using a new £600,000 loan from Clydesdale Bank to expand into world markets and introduce new lines to its blossoming UK line-up.

The London-based company, which launched 18 months ago, has notched up £1.2m sales in the past year alone, and predicts last week's deal will help it increase sales to £10m in the next five years and £100m within the next 10.

Having won listings across the UK's major multiples with its three-strong range of cherry juices (rsp: £1.35), Cherrygood plans to enter the US, Scandinavia, Belgium and the Middle East next year using part of the £600,000 to boost production capacity. Its core UK business will benefit from increased distribution and the addition of three new ambient lines in sparkling, healthy and children's variants as well as a new chilled premium cherry juice, all set to launch in Q1 of next year.

It is also hoping to raise the profile of the brand with in-store sampling campaigns and TV advertising. "Ocean Spray has successfully built a billion-pound global brand based on a single fruit, and given that cherries arguably taste better and are better for you than cranberries, then I see no reason why we can't achieve a £100m turnover within 10 years," said co-founder John Heseltine. "We're going to give Ocean Spray a run for its money."

Cherrygood was awarded the loan through Clydesdale's Investing for Growth initiative, which grants high-performing UK companies the means to take advantage of expansion opportunities as well as invoice discounting to aid cash flow. "Having been approached by the team at Cherrygood, and hearing that they had hit problems in their efforts to secure finance, we quickly sat down with John and (co-founder) Martin, to see whether we could help," said Paul Debney, business partner at Clydesdale.

"It was immediately obvious that they knew the market, had a clear and shared vision, robust business plan and real drive and determination to become a major player in the juice drink market."