Last checked at 7 Oct 2009 07:00
For Immediate Release 7 October 2009
Sutton Harbour Holdings PLC ("Sutton Harbour")
Cumbria LIFTCo appointment
Further to the announcement in May 2009, the Board is now pleased to report that Sutton Harbour, as part of a consortium operating as Express LIFT Investments Limited ("ELIL"), (in which Sutton Harbour has a 40% holding, Anagennao Investments, 40% and Cyril Sweett Investments, 20%) has been selected by NHS Cumbria as its Private Sector Partner following the first bid under the NHS Express LIFT National Framework ("Framework").
ELIL will work with NHS Cumbria over the next few weeks to establish Cumbria LIFTCo, a public - private joint venture in which ELIL will have a 60% holding with 20% each being held by NHS Cumbria and the Department of Health. This will involve the development of high quality, primary healthcare facilities. Cumbria LIFTCo will earn income from future rentals, management charges and pre-construction development fees. The completed facilities will be let under long-term, pre-agreed index linked leases to local NHS and / or local government tenants.
Construction projects will be financed through a combination of senior lending from banks and other financial institutions with subordinate loans being provided by both the public and private sector shareholders. During the first five to six years of the twenty year partnership, Cumbria LIFTCo will undertake the delivery of an initial pipeline of projects which includes a number of community hospitals.
Commenting on the Cumbria LIFTCo appointment, Nigel Godefroy, Chief Executive, said:
"Following Sutton Harbour's successful involvement in the Plymouth LIFT programme, we are delighted to have been chosen with our consortium partners to participate in this new scheme, in a new geographical area. The consortium will have the opportunity to bid for more schemes under the Framework as they come forward in other parts of England."
For further information please contact:
Nigel Godefroy Tel: +44(0)1752 204 186
Chief Executive
Sutton Harbour Holdings PLC
Bobbie Hilliam Tel: +44(0)207 071 4300
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Richard Day Tel: +44(0)207 398 1600
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Paul Vann/Tom Cooper Tel: +44(0)117 920 0092
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