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Additional funds to help Smart Metering Systems in acquisitions

Agreement - Smart Metering System secured an addition £45m in funding - SantanderCB

Glasgow-based Smart Metering Systems has secured an additional £45m in funding from existing lenders Santander, Bank of Scotland and Barclays to help with its expansion plans. The company now has a £150m credit facility with the banks, replacing an existing £105m arrangement. SMS installs and manages sophisticated meters for energy firms, and now the business hopes to make a string of acquisitions to capitalise on the government's bid to ensure all the country's homes and small businesses have smart or advanced meters by 2020. SMS has previously focused on the industrial and commercial sector but now sees potential in the emerging domestic market. In January it signed agreements to supply domestic meters for five independent energy firms including Our Power.

 

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