Styles & Wood Group Regulatory News (STY)

Styles & Wood Group plc

Styles&Wood & Extra Space Solutions joint venture secures place on Education and Skills Funding Agency's school building frameworks

Styles&Wood Group plc ("Styles&Wood" or the "Group"), the integrated property services and project delivery specialist, is pleased to announce it has been notified that a new joint venture (JV) formed with modular construction specialist Extraspace Solutions has secured a place on the Education and Skills Funding Agency's (ESFA) £4.4bn national framework to support the delivery of the ESFA's school building programmes.

The joint venture company, Spatial Initiative, has been awarded places across eight out of 22 regional lots and joins 32 other contractors that were also selected. The framework will operate for a period of up to four years and commenced on 27 November 2017.

This follows Spatial Initiative's appointment as the primary contractor on Lot 1 of the Education and Skills Funding Agency (ESFA) Modular Primary Block Framework earlier in 2017.

This four-year programme, which will use modular construction to replace buildings at primary schools across the country, commenced in July 2017 with a pilot scheme of 16 schools and an overall value of £95m. Spatial Initiative has secured the first four projects to be allocated under the framework.

The JV will design and manufacture block replacements, including full schools, using its component design solution. The JV has established strategic partnerships with AHR Architects and S I Sealy Building Services Engineering Consultancy, which will provide expert design services, and Southerns Interiors who will provide furniture, fixtures and equipment solutions.

The rebuild is part of the Government's £4.4 billion Priority School Building Programme, which is rebuilding or refurbishing those school buildings in the very worst condition across the UK. The first four schools, located across the South East, London and Midlands, will be delivered between April and December 2018.

Tony Lenehan, Chief Executive Officer, at Styles&Wood, said: "We are committed to continuing to diversify into areas where our skills sets are relevant and are delighted to have secured a place on the Education and Skills Funding Agency's school building framework with our JV partner. The significant growth prospects presented by off-site system build, in particular in the education sector, represent an excellent opportunity for Styles&Wood. The JV provides a clear point of difference in the market by combining Extraspace's expertise in off-site manufacturing and Styles&Wood's fit-out specialisms to provide clients with an efficient model for single-source supply for their modular based programmes."

Paul Tierney, Managing Director at Extraspace Solutions, said: "We have formed this new venture with Styles&Wood for all future ESFA frameworks. We see Styles&Wood as the perfect JV partner for us, where both companies' expertise combine to provide best in class solutions."

Styles&Wood Group plc provides a full range of professional and contracting services to some of the UK's premier brands and leading blue chip organisations. Extraspace Solutions is a leading provider of modular buildings with clients across a range of sectors in the UK and Ireland.

ENDS

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Notes to editors

The Education and Skills Funding Agency's £4.4 billion Priority School Building Programme is rebuilding or refurbishing those school buildings in the very worst condition across the country. There are two phases of the programme, covering a total of 537 schools.

Under the first phase of the programme, PSBP1, the first school opened in April 2014, five months earlier than originally programmed. More than 190 schools have opened through the initiative and the majority of the 260 schools in the first phase of the programme will open new or refurbished buildings by the end of 2017, two years earlier than originally planned. Under the second phase of the programme, PSBP2, the ESFA plans to have all schools open in their new/refurbished buildings by the end of 2021.