Easterhouse boy set for £51m payday from meter deal
A hotelier and basketball club owner who grew up in one of Glasgow’s most deprived areas is expecting a multi-million pound payday after the business he set up almost 30 years ago was sold for more than £1 billion.
Steve Timoney, 58, who had a “difficult” upbringing in Easterhouse, set up Smart Metering Systems in his loft to help firms handle in their dealings with utilities.
SMS was floated on the Alternative Investment Market and he made £15m from offloading part of his stake.
He later stepped down from the company but he retained more than five million shares now worth about £51 million after the giant US private equity firm KKR made a recommended £1.3 billion offer for the company.
In recent years he has renovated the 14th century Crossbasket Castle and estate in High Blantyre and turned it into a five-star hotel. He also bought the Glasgow Rocks basketball team, rebranded as Caledonia Gladiators, and set about creating a purpose-built arena.
Mr Timoney and his wife Alison are involved in a number of charities.
In an interview last year, Mr Timoney spoke about his childhood. “It was quite a difficult upbringing in many different ways, growing up in areas that were dangerous,” he said.
“But it was character building, and I wouldn’t change it for anything. It made me the person I am and gives me the drive that I have.”