Bevan Brittan LLP has advised Plymouth City Council on a £50 million schools PPP.  The project reached financial close on 27 February. The Plymouth project is one of the last remaining standard schools PFI deals to reach financial close.

The innovative project involves the creation, construction and ongoing maintenance of a new primary school for 450 pupils and for an ‘all through school’ for 1500 pupils which brings together early-years, primary, secondary and specialist schools on a single campus at Whitleigh. It also involves the creation of a new secondary school for the city.

The Pyramid Schools Consortium, a joint venture between Barclays Capital and Interserve, the services, maintenance and building group, was appointed as preferred bidder in June 2006 and are responsible for the design and construction of the schools and for providing facilities services to them through the 25 year operational phase of the PFI contract.

Commenting on the close, David Hunter, Bevan Brittan projects partner said: “This project has significant history. The Council faced severe financial constraints and it is a credit to all of the parties involved that there was sufficient pragmatism and perseverance to get the project through to this milestone. There has long been a need for new educational facilities for this community; hopefully this project will make the wait worthwhile.”

The consortium was advised by Ashurst and Barclays Bank provided the debt funding for the project.