Financial close reached on UK schools JV

Release

23 March 2015

INTERSERVE JV REACHES FINANCIAL CLOSE ON PROJECT TO BUILD SEVEN NEW UK SCHOOLS

International support services and construction company Interserve and its joint venture partner Kajima have reached financial close on the project to design and build seven secondary schools across Hertfordshire, Luton and Reading. This is one of the first batch of schools to be funded using the Government's new PF2 private finance model.

The scheme, which was procured under the Priority School Building Programme, has a capital value in excess of £135 million. More than 8,900 pupils across the South East region will benefit from this investment, with almost 900 additional places for 11-18 years old to be created in modern, purpose-built buildings.

Interserve Kajima, which was appointed preferred bidder by the Education Funding Agency (EFA) in April 2014, will be responsible for the design and construction of the schools as well as all maintenance services over 25-years. 

Dougie Sutherland, Executive Director at Interserve said:

"This is the 20th privately-financed education project in which the Group has invested and underlines our support for the Government's investment in education. As well as providing some 900 new schools places for students in Hertfordshire, Luton and Reading, we will commit to take on more than 50 young people to work on the projects under NVQs, apprenticeships and work placements."

The secondary schools included in this tranche are Bishop's Hatfield Girls' School, Hatfield; Goffs School, near Cheshunt; Kings Langley School, Kings Langley; Longdean School, Hemel Hempstead; Reading Girls' School, Reading; Stopsley High School, Luton; and Westfield Academy, Watford.

Construction started on all the schemes last month with the first due for completion in August 2016. All of the new schools will be open by November 2016.

Ends

For further information please contact:

Interserve Press Office Tel: 0118 932 0123

or

Karen Lewis, Amy Morrison or Peter Haddock Tel: 01785 255146

Edson Evers

About Interserve

Interserve is one of the world's foremost support services and construction companies. Our vision is to redefine the future for people and places. Everything we do is shaped by our core values. We are a successful, growing, international business: a leader in innovative and sustainable outcomes for our clients and a great place to work for our people. We offer advice, design, construction, equipment, facilities management and frontline public services. We are headquartered in the UK and listed in the FTSE 250 index. We have gross revenues of £3.4 billion and a workforce of circa 80,000 people worldwide. Website: www.interserve.com. For all news follow: @interservenews