A £340m PFI deal to build five schools in Falkirk has been completed, making it the first project to group a number of schools together under the initiative.
The deal could pave the way for other developers to follow suit and cut costs by ‘bundling up’ a group of schools, rather than just one, into a single PFI project.
The Class 98 Limited consortium – comprising contractor Ballast Wiltshier, Falkirk council, investment bank Charterhouse and merchant bank Quayle Munro – will build five new schools with a capital cost of £70m and provide non-educational services on the council’s behalf over a 25-year period.
Bob Heathfield, chief executive of Ballast Wiltshier, said: “We feel this is a ground-breaking contract, not just for Scotland but the UK as a whole, and points the way forward for radically transforming the country’s education infrastructure.”
“This is a milestone in the delivery of education in Falkirk. We have put in place a contract to provide state-of-the-art facilities for staff and pupils in five schools through a public/private partnership and the council has led the way in this innovative initiative in the UK,” said Councillor John Connolly, leader of Falkirk council.
Bank of Scotland and European Investment Bank are funding the scheme with the consortium. WS Atkins are facilities management consultants on the project.
EGi News 01/09/98
