Interserve Regulatory News (IRV)

20 Mar 2008 07:00

INTERSERVE CONSORTIUM WINS ‚£50m SECOND PFI IN LEEDS BSF PROGRAMME

Interserve's consortium has achieved financial close on the first school in the second phase of the Leeds Building Schools for the Future (BSF) programme. West Leeds and Wortley School will be financed through the Private Finance Initiative (PFI) in a contract worth ‚£50 million in construction and facilities management (FM) services.

The first phase, worth over ‚£130 million, was signed in April 2007 and is progressing well. The West Leeds and Wortley PFI contract, which achieved financial close in only four months, is one of the first projects in the second phase. It will provide facilities for 1,380 pupils and is due to be operational by September 2009, with FM services then being delivered for 25 years. The second phase will also involve several other projects including the refurbishment of three further schools.

Adrian Ringrose, Chief Executive of Interserve, commented, "This new contract demonstrates the strength of the BSF approach. The long-term nature of the relationship means we can win and deliver new projects more efficiently while creating greater value for the people of Leeds and the City Council. We are making great progress in this partnership and have already delivered the first new facilities in phase one: three new classrooms containing state-of-the-art technology workshops at Cockburn College of Arts."

For further information please contact:

Giles Scott 0121 331 8125

Head of Corporate Communications

Elizabeth Morley 020 7379 5151MaitlandAbout Interserve

Interserve Plc (www.interserve.com) is a services, maintenance and building group. It creates buildings and other structures for clients in the public and private sectors, maintains many different types of buildings, the operational systems that support them and a range of plant and equipment in specialist fields, and co-ordinates a host of background services to keep its clients' operations running smoothly and efficiently while they concentrate on their core business. Interserve is based in the UK and is a FTSE 250 company. It employs 25,000 people worldwide and has revenue of ‚£1.7 billion.