Morgan Sindall Group Regulatory News (MGNS)

14 Sep 2009 07:00



Morgan Sindall plc

14 September 2009

Morgan Sindall reaches financial close on £38 million

 Basildon Sporting Village scheme 

Morgan Sindall plc, the construction and regeneration group, announces that it has reached financial close on a £38 million PPP scheme to deliver a unique, energy-efficient sporting hub for Basildon Council.

The scheme is being led by Community Solutions for Leisure, a subsidiary of Morgan Sindall's Investments division. The construction work is being carried out by Morgan Ashurst, Morgan Sindall's Construction division, with Morgan Professional Services, the design and engineering specialists carrying out the civil and structural engineering, mechanical and electrical design. 

The 25-year scheme, known as Basildon Sporting Village, will provide state-of-the-art facilities for sports, leisure and education in Gloucester Park, Basildon. Identified as a potential training camp for the 2012 Olympics and Paralympic Games, Basildon's Sporting Village is the largest sports project in the Thames Gateway, Europe's biggest regeneration scheme. Facilities will include a 50-metre, eight-lane swimming pool with a viewing area for 450 people; an eight-court multi-purpose sports hall with retractable seating for 480 people; a fully-equipped gymnastics centre; a multi-purpose studio; a 100-workstation health and fitness suite and a climbing wall. 

Work is due to commence in October 2009 and the project is due for completion in Spring 2011.

Paul Smith, Chief Executive of Morgan Sindall plc, said:

"We are delighted to be the chosen partner to work with Basildon Council on this exciting project. It is a perfect example of the synergies that exist within our divisions, drawing on the Group's investment, design and construction  capabilities.

"The pipeline of investment related opportunities is healthy and we expect to be pursuing a growing number of these opportunities in the future."

Ends

Notes to Editor:

Morgan Sindall plc is a top UK construction and regeneration group which operates through five specialist divisions of fit out, construction, infrastructure services, affordable housing and urban regeneration.

Community Solutions for Leisure Basildon ('CSL') Limited is a subsidiary of Morgan Sindall Investments Limited. Morgan Sindall Investments provides project development and funding solutions through a one-stop service, allowing partners in the public sector to implement sustainable change in order to improve long-term prospects and well-being of local communities. It is part of Morgan Sindall plc.

Morgan Ashurst is a leading full-service construction business with more than 1,800 employees in the UK. Supported by a national network of local offices, the company works for private and public sector clients on projects from £50,000 to over £300 million. Morgan Ashurst's construction activities range from small works, repair and maintenance services to large-scale complex projects across the commercial, defence, education, healthcare, industrial, leisure, retail and transport sectors. It is part of Morgan Sindall plc.

MPS, part of Morgan Sindall plc, is a leading design, engineering and project management business which provides design, engineering and project management services to the manufacturing, environmental, nuclear, transport and public sectors. With offices in the UK, Europe and the Far East, the company's professional services include design and engineering, project management, construction management, specialist consultancy, cost planning and project planning.