Operis provided financial advice to the project funders Royal Bank of Scotland, European Investment Bank and the Precept consortium on the Argyll & Bute Schools NPDO project, which financially closed on 9 September 2005. The project will build and refurbish 10 schools on five sites within the county. Total funding by way of bank debt from funders amounts to £82m, including some £37m from the EIB and subdebt of £8m. PwC advised the bidding Precept consortium, which includes Balfour Beatty construction company Mansell together wioth Barr Construction and FM providers Mitie.
This project is a Non-Profit Distributing Organisation rather than a conventional PFI, and as such the first such project to be closed. NPDO projects do not distribute profits to project company shareholders, rather any surpluses are given to various charities.
