Thursday, 2 August 2012

Smart Metering Systems secures £45m loan


A Scottish gas meter technology firm is to press ahead with major growth plans after securing a £45m loan facility.

Smart Metering Systems (SMS) will use the money to fund a "phased installation" of meters over the next two years.

The Glasgow-based firm is hoping to take advantage of a drive to fit every UK home with a smart meter by 2020.

The banking facility was provided by Barclays in partnership with Clydesdale Bank and Lloyds Bank.

SMS said it now had more than £55m at its disposal, including funds raised from floating on the stock market last year and cash generated from operations.

Chief executive Alan Foy said: "The company was able to negotiate a substantial increased facility with extremely good rates.

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