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Implications of PF2 for the Priority Schools Building Programme

20 May 2013

Following publication of the details of Private Finance 2 by HM Treasury, both public and private sector participants in the Priority Schools Building Programme are eager to know how the new model will work in practice.

City & Financial are therefore pleased to announce this next conference in their series of events on the PSBP.

We are delighted that the Education Funding Agency has confirmed that it will field three speakers at the conference. Mike Coleman, Divisional Director for Programme Delivery, will give an overview of progress to date and the next steps in the programme. Rachel Stephenson will explain how the new procurement model will work in practice, while Dan Rudley will give a presentation on capital market financing solutions.

The other speakers will address how Private Finance 2 will impact on other aspects of the Priority Schools Building Programme, including value for money and risk allocation; funding competitions and public equity; widening the sources of debt and equity finance; the new contractual arrangements and standardised documentation; construction efficiency and sustainability; and balancing design standardisation with local needs.

SPONSORS

Stephenson Harwood is a full service international law firm, with over 100 partners and 600 staff worldwide. Our City based projects and infrastructure team advises sponsors, funders and government across the full spectrum of project sectors both in the UK and internationally. The team is advising on some of the largest PPP projects currently in procurement. This includes key mandates for North London Waste Authority on its £3bn waste PPP and a bidder on the Crossrail Rolling Stock PPP.

Team members have worked extensively in the education sector, with a particular focus on schools. Our experience tracks the full chronology of school building development since the 90s - the early schools PFI projects, grouped schools PFI, DfES pathfinder ICT projects, Building Schools for the Future and academies.

A key feature of our team is our ability to find solutions that work for all of the project parties. This flows from our many years of experience of advising procuring authorities, sponsors, funders and governing bodies on schools projects. We understand the perspective of each of the project stakeholders. With the new Priority School Building Programme focusing ever more sharply on streamlined procurement and delivering much needed investment in schools in the very worst condition, our collaborative approach will be all the more important.

Galliford Try is one of the UK's leading construction, infrastructure and housebuilding groups across the public and private sectors, with revenues of £1.5bn. It is a multi-disciplinary company with experience and expertise in design, infrastructure, housing, investments, sustainability, renewables and facilities management, as well as construction. Galliford Try has extensive and successful experience of PPP, PFI and NPD projects in education and across the Group’s sectors and benefits from its own Investments Division.

The company has a strong reputation and track record in the education sector, having constructed some 80 primary, special and secondary schools and academies in the last five years across England, Scotland and Wales, from the Highlands and Islands to central London, as well as children's centres, FE colleges and university facilities. As a result, Galliford Try has substantial experience of new build, remodelling, refurbishment and extension projects, typically between £2 - £60 million in value, and of working on occupied 'live' sites and decanting.

Galliford Try's approach is characterised by a desire to build schools which are functional, efficient, fit for purpose and sustainable; undertaking thorough stakeholder engagement - before and during construction; working in real partnership with well-respected architects, technical teams and FF&E and ICT suppliers; by applying innovation in construction and achieving best value; and by maximising community benefits.

The development of Galliford Try’s OptimumSchool is pioneering a component-based, “kit of parts” approach to standardisation of school design and construction, demonstrating real and substantial cost savings and programme efficiencies whilst providing the flexibility to deliver individual school solutions which do not compromise design integrity or build quality. The first of these buildings - a secondary school science block - will be handed over in Autumn 2013.

Wates Construction, part of the Wates Group, has a proud 115-year history as an independent family-owned company. As one of the largest privately-owned construction companies in the UK, Wates employs in excess of 2,000 people generating an annual turnover of £1.1bn.

Our strength is founded very much on our values of integrity, intelligence and respect for people, communities and the environment, and they continue to inform the way we operate every day.

Education is one of our key sectors, and we are in the top 3 contractors for delivering education projects in the UK. Having successfully delivered all kinds of educational buildings, from primary and secondary schools to colleges and universities, we are focused on developing and delivering value for money, and educationally driven quality solutions for our clients.

Our expertise in the education sector was recognised by the Government when our work on Campsmount Technology College in Doncaster was heavily featured in the James Review. Campsmount was delivered in a record time of twelve months, and on budget of £11m, substantially less than the £14.5m like-for-like rebuild costs.

The Priority Schools Building Programme is a key strategic priority for Wates.

SUPPORTERS

The International Project Finance Association (IPFA) is a not-for-profit, networking, trade association dedicated to promoting and representing the interests of both public and private sector organisations involved in project finance worldwide. It has, as its members, key financial institutions and project sponsors, law firms, construction companies and operators active in the PPP and project finance market globally.

Our aim is to raise awareness and understanding about project finance and PPPs and their crucial role in infrastructure and economic development. The Principle objectives of the IPFA are to encourage networking and dialogue between the public and private sector, to provide up to date information on best practice, industry trends and new developments.

Successfully achieving these objectives since its inception in 1998 has created a truly integrated working relationship between the IPFA and the private and public sector, both at local level and on a global scale.

For further information on IPFA and our activities around the world, visit our website www.ipfa.org.