30th May 2018 13:57
LONDON (Alliance News) - Uvenco UK PLC on Wednesday said it sold its three trading subsidiaries to vending solutions provider Montagu Group Ltd for GBP1.8 million in cash.
Following the disposal of Uvenco Ltd, Snack in the Box Ltd, and Drinkmaster Ltd, Uvenco UK said it no longer has any current trading activities, but has a debt of about GBP1.6 million.
Uvenco UK decided to sell off its businesses after revenue dropped 37% for its first half ended September last year. This slide in revenue has kept going to the mid-May, resulting in negative cash flow, it said.
Shares in the company has been suspended at the request of the company, pending clarification of its financial position.