Hiya Daks,
I take 4 Metformin SR a day. I take two with breakfast (around 8:30 a.m.) and two with dinner around 6 p.m. Aside from my initial stomach upset (I also have IBS), it seems to work for me. The timing doesn't seem to matter for me, at least. I don't think you are expected to space them out evenly over 24 hours, as of course we're asleep for around 1/3 of that time and wouldn't be eating.
My last HbA1C was half the original, so like I said, it must be working (along with low-carbing).