This £68 million project, authorised by the Salford & Wigan councils, consists of rebuilding the Walkden High School and refurbishing Irlam & Caddishead Community High School. Both schools are expected to be ready for an intake of students in September 2011.
The consortium, advised by KPMG, comprised of a Hochtief / Laing O’Rourke joint-venture, which was named preferred bidder in May 2009. Senior debt financing is being provided by Nationwide and NordLB, with project sponsors and BSFI providing £7 million of subordinated debt.
This project is part of a larger £400 million contract with both authorities to build or refurbish over 20 schools across the two councils.
Operis was engaged to provide financial model auditing services, including a full tax and accounting review, on behalf of the funders and the consortium.
