SnackTime announced on Friday 11 December that it had reached agreement with certain investors and creditors to raise a total of £3,024,645. These agreements include the issue of new ordinary shares and the conversion to equity of certain loan notes and other creditors. The new equity element amounting to £1,050,000 will be used to ease the company’s working capital position. Alongside this the Cooperative Bank, the company’s bankers, have rescheduled certain loan repayments to further strengthen the Balance Sheet in the medium term.
Jeremy Hamer, the company’s Chairman commented: ‘This fund raising and debt restructuring has taken a long time to conclude and many companies, both supplier and customer, and individuals in the vending industry have played an important part in seeing us through this difficult period. On behalf of the company I would like to take this opportunity to thank you all for your patience and support.’
