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August 2, 2012updated 12 Apr 2017 4:06pm

Barclays leads ?57m lend

The new facility,provided together withLloyds TSB and Clydesdale Bank, will enable SMS to fund the purchase of meter assetsand equipmentover the nexttwoyears. The deal was led byAndy Hall,head of Business Development at Barclays,along with Alan Riddell of the Business Development team, and Mark Lamb, head of Asset Finance with Barclays Scotland.

By Jared Fortune

Barclays has piloted a partnership with two other UK lenders to provide a £45m (€57m) asset finance facility for energy meter firm Smart Metering Systems (SMS).

The new facility, provided together with Lloyds TSB and Clydesdale Bank, will enable SMS to fund the purchase of meter assets and equipmentover the next two years.

The deal was led by Andy Hall, head of Business Development at Barclays, along with Alan Riddell of the Business Development team, and Mark Lamb, head of Asset Finance with Barclays Scotland.

Hall said: “We see this very much as the start of the next phase of growth for the company and look forward to supporting its current and future development.”

Alan Foy, chief executive of SMS, said he was delighted in the substantial interest shown in his company by the UK banking community.

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