I'm no big city typographer but I'd align the lettering to a grid, even keeping the spacing the same but reduce each letter slightly.

Visually, the 'V's look like they hang slightly below the baseline which creates a slight wave to the lettering, when you hit 'uve' it throws it off symmetrically. It might be a case of staring at it too long.

If you really want it that loose: tighten "VE" and "UVE".

BTW the "V" is a hair too dark.

hhp

Yeah, the spacing has to be fairly open. Will take another look.

Thanks.

Here's a slight update with the 'VE' + 'UVE' tightened a touch and the left upright of the 'V' slightly lighter.

The 'V's are flush to the baseline, although they do appear to be hanging below.

Any more thoughts appreciated.

V-E appears to be a fraction tighter. I'd loosen that and then I'd tighten VENEU by half of the first step.

Thanks apankrat. Here's a final attempt.