SMART Metering Systems has recruited corporate financier Graeme Bissett as a director as the company looks to maintain the strong growth it has achieved.
The Glasgow-based firm said the veteran deal-maker’s financial expertise would be of great value to the company at an important stage in its development.
Mr Bissett has become one of Scotland’s best known accountants in a career which has included spells as head of the Scottish corporate finance team at former accountancy giant Arthur Andersen and finance director of Kwik Fit.
The 58-year-old is chairman of Macfarlane, the Glasgow packaging group
Led by chief executive Alan Foy, Smart Metering Systems has used acquisitions to help it build a big position in the market to supply the kind of advanced meters that can be used to keep detailed track of energy consumption.
The firm is preparing for an expected surge in demand for meters in coming years. Energy firms will have to make them available to millions of householders and businesses by 2020 under the UK Government’s drive to reduce emissions.
The growth prospects of sector players have triggered the interest of international investors.
In April Livingston-based meter firm Energy Assets recommended shareholders accept a £198 million offer for the firm made by funds run by US private equity firm Alinda Capital Partners.
Following Smart Metering Systems’ general meeting last week Mr Foy said the firm hadn’t had any approaches from anyone about acquiring the business , which was not for sale.
Mr Bissett, who has joined the board as a non-executive director, said he looked forward to working with directors and staff members to help deliver continued strong growth for shareholders.
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