UK Meter Exchange, the Glasgow-based gas metering firm, yesterday announced a major expansion of its asset base following a £2.5m acquisition from one of its major rivals.

UK Meter Exchange, the Glasgow-based gas metering firm, yesterday announced a major expansion of its asset base following a £2.5m acquisition from one of its major rivals.

The deal saw UKME, which installs and maintains gas metering and auto-mated meter reading, acquire domestic credit and pre- payment meters from Capital Meters, the UK's third- largest provider of meters and services to the gas and electricity metering market.

In a separate £1m deal, UKME acquired a portfolio of industrial and commercial meters from its sister company, ECO Project Management.

Both deals were funded by the Clydesdale Bank.

The acquisitions take UKME's meter portfolio to more than 100,000. The company's industrial and commercial client base includes blue-chip names such as Coca Cola, Ford, Tesco, Manchester United football club and Rolls-Royce.

Alan Foy, managing director of ECO Project Management and UKME, said: "The fact that we have been able to attract such substantial funding from Clydesdale Bank at a time when the wider economy is facing so many challenges speaks volumes for the robust condition of our business."