Carillion successfully achieved financial close of the Rochdale BSF project on 11 January 2010. This project comprises of a ten year LEP concession managed by inspiredspaces (a company set up by Carillion to deliver educational transformation through the government’s Building Schools for the Future programme), and a 25 year concession to rebuild, maintain and operate Hollingworth Business and Enterprise College under the PFI scheme.
The procuring authority, Rochdale Metropolitan Borough Council (RMBC), aims to refurbish or rebuild 13 schools and pupil referral units, with a total of four schools procured under the PFI scheme. RMBC have committed to spending £196m over three phases.
Hollingworth received in total financing amounting to £28.3m, of which £24.8m will be senior debt arranged by Barclays and £3.48m will be funded through an equity bridge, supported by a subordinated loan. Construction is scheduled to be completed on 4 September 2011, in time for the 2011/12 academic year.
Operis have been advising Carillion on the project since October 2008, having built both the financial models for Hollingworth PFI and the LEP. Carillion and Operis have an ongoing relationship for several BSF schemes, and Rochdale BSF was the second such project to close following Durham BSF in August 2009.
