Potential buyer now wants Uvenco assets instead of operations

Uvenco issued a further update on the potential sale of its trading subsidiaries and debt obligations on Monday, confirming that the possible buyer was no longer interested in the operations as going concerns.

The AIM-traded firm had announced on 14 May that it was in discussions with a third party, that might have led to the sale of its trading subsidiaries - vending operator Uvenco Limited, and franchising operator Snack in the Box - together with the assumption of a “substantial proportion” of the company's debt obligations.

It then further announced that it would be likely that any consideration receivable by Uvenco would be minimal.

“The company has now been informed that the potential buyer is no longer considering buying those companies as going concerns,” the Uvenco board said on Monday.

“However, the company has received, from the same potential buyer, an offer to acquire the assets of Uvenco Limited, Snack in the Box Limited and the group's other trading subsidiary, Drinkmaster Limited, and an alternative offer to buy Drinkmaster Limited alone as a going concern.”

The Uvenco board, advised by KPMG, said it was meeting to discuss the options available to it on Monday, with a further announcement to be made “shortly”.