19th Feb 2014 12:56
LONDON (Alliance News) - Shares in Snacktime PLC plunged Wednesday after suitor Uvenco UK Ltd said it had ended talks about potentially buying the drinks and snack vending machines operator.
Uvenco had announced in January that it was in talks about a potential offer for Snacktime, but Wednesday said the sides had not been able to agree a deal and so it had terminated the talks.
Snacktime shares were down 26.7% to 11 pence, making it the top AIM loser on Wednesday.
In November, Snacktime said its pretax loss narrowed in its first half, despite a drop in revenues, as it cut sales and distribution and administration costs. Revenues fell 6.6% to GBP9.5 million in the six months to September 30, from GBP10.2 million a year earlier.
At the time, Snacktime said it was entering a second phase of restructuring, focused on reducing operating costs, increasing the use of technology, growing its franchise network, and developing new products at Drinkmaster, which makes in-cup hot drinks.
By Tom McIvor; [email protected]; @TomMcIvor1
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