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Video: Mike Steel
stands to lose out when coins are changed

by Keyan Milanian

A vending machine company owner says his business could be
ruined by a Royal Mint decision to alter five and 10 pence coins by
0.2 millimetres.

Eagle Vending managing director Mike Steel says the alteration
won't be small change to him - and could cost him his
business.

The change to the five and 10p coins is expected to take place
in April after being pushed through as part of the Government's
cuts package.

Mr Steel, who owns about 200 machines across Medway and Britain,
believes the necessary alterations and expenses could cost him up
to £300 per machine.

He said: "The launch of these new coins is going to have a
serious impact on us, it is a disaster waiting to happen, I simply
cannot afford this type of thing right now.

"Apparently the prototypes are not even available yet for us to
plan for the change, but there are reports saying it will cost the
vending industry £42 million."

Eagle Vending, based on the Medway City Estate in Strood, has
machines as far afield as Edinburgh and in Powys, in
Wales.

The coins, which will be made from steel and nickel-plating
rather than copper alloy and be 11 per cent thicker, will save the
Royal Mint £8 million a year and be available from
April.

Parking machines could also be affected with Medway Council
facing a bill for more than £5,000 to change 107
machines.

In total there are 125 pay and display machines across the
Towns. The council will not be charged for the change to eighteen
machines already in the process of being upgraded.

Seven years ago changes were made to the council's pay and
display machines, which, at the time, cost £50 per
machine.

Mr Steel added: "I have already written to Number 10, I don't
know how far that is going to get me but people should be made
aware of this because it is going to cost the tax payer."