Howard Smith and David Costley-Wood from KPMG’s Restructuring practice were appointed joint administrators to Uvenco Limited, Snack in the Box Limited and Drinkmaster Limited on 30 May 2018.
The companies operate in the food and beverage vending machine space, offering service, maintenance and rental of vending machines to public and private sector clients, both directly and via a franchise network across the UK and Northern Ireland. Headquartered in Blackburn, the company also has sites in Coventry, London, Newport and Liskeard in Cornwall.
Immediately upon appointment of the joint administrators, the trading business and its assets were sold to subsidiaries of Montagu Group Limited, a vending solutions provider. All 169 employees transferred across to the new owner upon completion of the sale.
Howard Smith, associate partner at KPMG and joint administrator, commented: “The companies had experienced declining revenues over a prolonged period, significantly impacting cash flows. Following an accelerated sales process, we are delighted to have been able to safeguard all 169 jobs with this sale of the business and assets. We wish the new owners well in the future.”
All three companies are subsidiaries of Uvenco UK PLC which, for the avoidance of doubt, has not entered administration.
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