Interserve Regulatory News (IRV)

15 Jun 2010 07:00

INTERSERVE CONSORTIUM PREFERRED BIDDER FOR £150m ST HELENS SCHOOLS PROGRAMME

The Interserve-led consortium Environments for Learning (E4L) has been named preferred bidder to undertake a major schools development programme for St Helens Council worth provisionally £150 million.

The programme will operate under the Building Schools for the Future (BSF) initiative. Interserve will construct two schools, with a capital cost of £47 million, in the first phase: Rainford High Technology College and De La Salle School. Rainford will be financed using the private finance initiative (PFI) and Interserve will provide facilities management services worth £8 million to the school over a 25-year period once complete.

Six further schools, worth an aggregate of over £100 million in construction costs, have been identified for subsequent development. Two of these will be procured through PFI.

E4L and St Helens Council will, together with BSF Investments, become partners in St Helens's Local Education Partnership (LEP). We anticipate reaching financial close on the contract in the autumn this year; construction will begin immediately afterwards, leading to the first schools being ready to accept pupils for the start of the academic year in September 2012.

Interserve's Chief Executive, Adrian Ringrose, commented, "St Helens Council has clearly shown its commitment to providing children in the area with the latest educational facilities, and we will play our part in ensuring that the schools we build will deliver the benefits the community needs. Interserve is one of the country's most experienced and successful companies in creating schools through BSF. This is our third such development programme, alongside Sandwell in the West Midlands and our award-winning partnership at Leeds."

For further information please contact:

Giles Scott 0118 960 2307 Head of Corporate Communications Elizabeth Morley / Tom Roberts 020 7379 5151

Maitland About Interserve

Interserve's vision is to be the Trusted Partner of all our stakeholders. We are a services, maintenance and building group operating in the public and private sectors in the UK and internationally. We offer advice, design, construction and facilities management services for society's infrastructure and provide a range of plant and equipment in specialist fields. Interserve is based in the UK and is a FTSE 250 company. It has revenue of £1.8 billion and a workforce of 50,000 people worldwide.

Education website: www. education.interserve.com General website: www.interserve.com

About Environments for Learning Limited (E4L)

E4L, a consortium dedicated to delivering education services and projects, comprises Interserve and Barclays Private Equity.