The preferred bidder chosen to modernise Glasgow's secondary school estate has reached financial close on the £1.2bn contract, the largest education PFI project to date.

Amey plc, a member of the 3ED (Glasgow) consortium with Halifax plc and the Miller Group of Scotland, is taking a leading role in the project which will see a significant proportion of Glasgow's 29 secondary schools rebuilt and the remainder comprehensively modernised over the next three years.

Amey, an investor in the consortium through Amey Ventures, will work in joint venture with the Miller Group on rebuilding, upgrading, refurbishing and maintenance. Amey Business Services will provide full support services to the schools for a 30-year period.

Brian Staples, Amey's Chief Executive, said: "We are delighted that this innovative project, the largest educational PFI deal undertaken yet, has reached financial closure. The project plays to our strengths, from the conception of the investment opportunity to building and refurbishment of the schools and the long-term provision of support services. I have no doubt that this will help consolidate our position as a leading player in the PFI/PPP market especially in the education, defence and transportation sectors.

"We look forward to working with our partners and Glasgow City Council to provide educational facilities for the City's 30,000 secondary pupils which will set the standard for other local authorities to follow."

Richard Byatt