20 Mar 2008

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."