Meter acquisition

UK Meter Exchange (UKME), the Glasgow-based gas metering firm, has announced an expansion of its asset base following two major acquisitions funded by Clydesdale Bank.

In a deal worth £2.5m, UKME acquired domestic pre-pay and credit meters from Capital Meters (CML). The company also acquired a portfolio of industrial and commercial meters for £1m from its sister company ECO Project Management.

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.’

The acquisitions take UKME’s meter portfolio to over 100,000 and the company expects turnover this year to reach £8.4m.