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Reward Backs Vending Machine Group Restructure

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Leeds-based alternative lender Reward Finance Group has provided funding to help an AIM-listed vending machine business complete a debt restructuring.

The finance will also provide additional working capital to assist with its turnaround strategy.

Uvenco UK changed its name from Snacktime in May 2015 to reflect its relationship with Uvenco Group, the largest vending machine business in Russia.

The £16m-turnover business has had well documented problems over recent years but is currently undertaking a turnaround strategy, led by chief executive Sergei Kornienko.

David Jones, joint managing director at Reward, said: "Reward specialise in being able to move quickly and to being able to help businesses take advantage of opportunities. This deal is a big positive to Uvenco’s shareholders.

"Sergei and the revised management team continue to rapidly make big improvements to the Uvenco UK businesses which gave us the confidence to support them on this transaction."

Marie Pugh of Clarion Solicitors advised Reward.