News blog
SnackTime
- BY: Andrew Hore |
- POSTED: 19/12/2007 |
Vending machines operator SnackTime joined Aim today.
Wokingham-based SnackTime operates snack and chilled drink vending machines. It offers products from Mars, Britvic, PepsiCo and Coca-Cola. The machines are placed in the stores of national retailers such as Matalan, Argos, Homebase and Currys.
A placing at 144p a share raised £3m. The expenses of the flotation total £700,000. The cash raised will be spent on buying more vending machines. Elderstreet Investments has been an investor in the business since July 2003. It retains a 29.56% stake.
SnackTime has 5,500 vending machines around the UK and they are supplied from five depots. The machines are provided free of charge and either sited in staff areas or in stores. SnackTime generates income from sales minus a commission to the merchandisers that replenish the stock in the machines. The brands it works with also make a contribution to income.
Management believes that there is plenty of potential growth both in the UK and the rest of Europe.
SnackTime made profits of around £200,000 on revenues of £3m in the year to March 2007.
The shares closed their first day at 147.5p.
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