SMS secures £105m borrowing power from banks

Gas meter supplier Smart Metering Systems (SMS) has signed up to a new long-term debt facility, on “significantly improved” terms, to ramp up investment in its products.

The Glasgow-based firm has secured a £105 million revolving credit facility from lead bank Barclays and fellow lenders Bank of Scotland and Clydesdale, replacing a previous £45m package put in place in August 2012.

Aim-quoted SMS will use the new borrowing power to buy more meters as it seeks to accelerate its growth.

Chief executive Alan Foy said: “The revised arrangements, which are on substantially improved terms to an already competitive facility, will provide SMS with the necessary resources to further increase investment in metering assets over the next 24 months.”