Proposed Change of Name and Rebranding
- 17 April 2016
SnackTime plc (“SnackTime” or the “Company”) is pleased to announce its rebranding under the Uvenco trade mark.
The rebranding will ultimately affect both SnackTime plc, as well as the vending division subsidiaries, VMI (Blackburn) Limited (“VMI”) and Simply Drinks Limited (“Simply Drinks”). As a result, it is intended to rename the Company “Uvenco plc” and a special resolution to that effect will be put to shareholders at the Company’s Annual General Meeting due to be held in late May 2016. The rebranding of the vending division will commence immediately and is expected to complete towards the end of 2016. This will include the renaming of VMI as “Uvenco Limited”, and subject to bank approval, the hive up of the vending operations of Simply Drinks into VMI.
The rebranding reflects the increasing financial, operational and technology support the SnackTime Group is enjoying from its main shareholders, Boris Belotserkovsky and the “Concert Party” since they first became involved with the Company two years ago. As part of the process, the Company has entered into a license agreement (“Agreement”) with Uvenco Holding Limited, a Company controlled by Boris Belotserkovsky, providing the Company and its subsidiaries (the “Group”) with the right to use the Uvenco brand for the period to 18 February 2025. The key commercial terms of the Agreement are for a payment of £250 per calendar quarter in any quarter where EBITDA is less than 20% of revenues or 1% of revenues in any calendar quarter where EBITDA exceeds 20% of revenues. The terms of the Agreement have been approved by the independent directors of the Company.
Appointment of Chief Executive Officer
SnackTime is also pleased to announce the appointment of Sergei Kornienko as Chief Executive Officer of the Company with immediate effect.
Sergei, who was appointed a non-executive Director of the Company in January 2015, has extensive experience in the vending industry.
Jeremy Hamer, non-executive Chairman of the Company commented: “We are exceptionally fortunate that Sergei has been able to step up to the position of CEO at such short notice. Sergei is a strong operator with enormous experience of vending and a clear vision of what SnackTime can become. I look to the future with a great deal of confidence.”
Sergei Kornienko, the new Chief Executive Officer added: “I am extremely proud to have been appointed as Chief Executive Officer of SnackTime. The Company has fought its way through a difficult period, but with the strong support of its shareholders and commitment of the staff is now poised for an exciting period of development. I have no doubt that we are well placed to become the leading UK vending operator over the next few years.”