Tods Murray LLP advised Transform Schools (North Lanarkshire) Limited in relation to changes to North Lanarkshire Council’s Education 2010 PPP project to enlarge the newly built facilities for Glenboig and Our Lady and St. Joseph's Primary joint campus and Plains and St. David's Primary joint campus and to extend the project to include new facilities for Clarkston Primary school.
Transform Schools (North Lanarkshire) Limited is a joint venture between Balfour Beatty and Innisfree. The cost of the new capital works was principally funded by the sale of approximately £9 million of bonds put in place as part of the original funding package for the project specifically to fund changes.
Tods Murray partner Ian McPake said “This demonstrates the flexibility that can be built into PPP projects to enable Councils to meet changing educational demands”. He added, “Coming on top of the completion of the Pinderfields and Pontefract Hospital PFI project and an extension of the Aberdeen wastewater PFI project, this is the third financial close managed by our capital projects team in the space of just over a week and is a testament to the strength and capacity of the team”.
Ian McPake
The Tods Murray LLP capital projects team is one of the most experienced PFI teams in Scotland. The last 18 months has been a busy time for the Tods Murray Capital Projects team with the following projects also reaching financial close during that period: North Lanarkshire Schools (£150m) (see below); Bassetlaw Schools (£138m); South Tyneside Streetlighting (£28m); Ealing Streetlighting (£34m); Wardlaw Wood Wind farm; Forest Holidays PPP project; Birmingham New Hospital (£553m) and Dorset Street Lighting Project.
North Lanarkshire Council’s Education 2010 PPP
North Lanarkshire Council’s Education 2010 PPP project was awarded the PPP/PFI Deal of the Year award by the 2006 Scottish Business Insider Deals and Dealmakers.
In handling the UK’s First Bond Financed Schools PPP Project, we acted for Transform Schools (the project company). The £140 million project, which achieved financial close in June 2005, involves the construction, financing and long-term operation of facilities for 21 schools across 15 sites in North Lanarkshire.