In May 2016, AIM-listed vending machine business, Snacktime PLC changed its name to Uvenco UK PLC to reflect its relationship with Uvenco Group, the largest vending machine business in Russia. The company supplies vending machines from three major depots in the UK, as well as running ‘in-cup’ business Drinkmaster and franchising operation Snack-in-the-Box.
The £16 million turnover company’s problems have been well documented over recent years. But fundamental changes – including the appointment of a new financial director and the CEO from the Uvenco Group – are all part of a wider plan to restore the business to its former strength.
Reward contributed to this recovery by helping Uvenco UK take advantage of a debt forgiveness deal with its existing bankers, worth almost £1.5 million. Through Invoice Finance Plus, we provided total funding of £1.365 million, based on various balance sheet fixed assets in addition to outstanding invoices. This enabled Uvenco UK to pay its existing bankers £1 million to settle its debt, and provided extra working capital to help with its turnaround strategy.
Time was a critical factor in resolving the deal successfully. Sergei Kornienko, CEO of Uvenco UK PLC, commented: “We are indebted to Reward for the speed with which they helped us maximise the one-off opportunity our existing bank gave us. This meant we could take a significant further step towards the reshaping of our balance sheet.”