The trading subsidiaries of vending machine company Uvenco UK, which has offices in London, Newport, Blackburn, Coventry and Liskeard, have been bought out of administration by an Irish snack company.
The company appointed Howard Smith and David Costley-Wood of KPMG as administrators for its subsidiaries Uvenco Ltd, Snack in the Box and Drinksmaster yesterday, with the subsidiaries and their assets excluding book debts sold to Montagu Group for a total consideration of £1.8m.
Montagu Group is an affiliate company of Irish snack company Tayto which runs the Golden Wonder brand, as well as a specialist vending solutions provider in its own right.
Montagu recently acquired coffee and vending machine supplier, Cambridge Vending as well as acquiring Leeds-based Freedom Vending in April last year.
All employees at Uvenco UK’s trading subsidiaries have been transferred across.
Uvenco UK itself has net debts of £1.6m. A statement said: “The directors will continue to operate the affairs of the company in the short-term and discussions are underway with the principal creditor to allow the company to satisfy its obligations as they fall due.
“Whilst the directors remain hopeful of a satisfactory resolution to these discussions, in the event agreement cannot be reached then an administration of the company would be likely, with no value for shareholders.”
Montagu director Paul Allen said: “When we recently announced the acquisition of Cambridge Vending, we were already working on this deal as we see vending and ‘consumption on the go’ as a key area of expansion for us. This purchase brings us another 12,000 points of sale, giving us a total of more than 25,000 across the group.
“It also broadens our geographical reach as the company has offices in London, Newport, Blackburn, Coventry and Liskeard and franchisees across the UK. We are delighted with the addition of almost 200 employees to our group and a further £15m of turnover. Our added scale and geographic growth now places us as the largest British-owned vending company.
“Snack-in-the-Box and Drinkmaster add new complementary areas for us. Snack-in-the-Box is a UK-wide franchise operation, run through local franchisees who provide honesty boxes and vending machines.
“Drinkmaster manufactures and supplies sealed hot drinks such as coffee, tea, hot chocolate and soups, the sort of thing you often see on aeroplanes. All of these businesses have shown a real flair for innovation and pushing technological boundaries and that’s something we see as essential to our continued growth in the vending market.
“We look forward to meeting all of our new customers and building on the existing relationships they already had.”
Source: Insider Media