A LOAN deal with a banking syndicate has left Glasgow-based Smart Metering Systems with a £55 million war-chest to boost its market share.
The Alternative Investment Market-listed company has also secured full European patent protection for its automated meter reading device, ADM.
Smart Metering secured a £45m facility with Barclays, the lead bank in the syndicate, Clydesdale Bank and Lloyds Banking Group. This will replace a £19.5m facility with Clydesdale and Smart Metering said it would use the cash to buy portfolios of meters over the next two years.
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