News on 31 October 2000
Balfour Beatty plc has announced that Transform Schools, a concession
joint venture between Balfour Beatty plc and Innisfree, has reached financial
close with Stoke-on-Trent City Council for the £153m Stoke Schools
PFI contract.
Over the first five years of the 25-year concession, Transform, together
with Stoke Schools JV (a joint venture between Balfour Beatty subsidiaries
Balfour Beatty Construction and Balfour Kilpatrick), will build nine new
schools and undertake a progressive programme of refurbishment of the
rest of the estate, under a contract valued at £80m.
Mike Welton, chief executive of Balfour Beatty plc said: "We are
delighted to have brought this major scheme to financial close and to
be able to begin working with Stoke-on-Trent City Council. In creating
21st Century standards for the City’s schools, we will help make
a real difference to the quality of education in the city."
Transform Schools, through Balfour Beatty company Haden Building Management,
will provide energy management and ongoing repairs and maintenance for
all 122 schools within Stoke-on-Trent from early next month.
The project was originally conceived as an energy saving project. Therefore
a principal feature of the contract is that the programme of refurbishment
works and the design of new buildings will ensure efficient use of energy
and water, to deliver reductions in the consumption of energy and water
by the schools over the life of the project.
