Business
Costain secures financial clo
Costain secures financial clo.
About this update from Costain Group Plc
[{"type":"text","content":"\n RNS Number : 9103Y Costain Group PLC 05 January 2011 \n \n\nCostain Group PLC\n(\"Costain\" or \"the Company\")\n \nCostain secures financial close on latest phase of Lewisham BSF school rebuild contract\n \nCostain has been appointed by Lewisham Council to rebuild four more schools at a total value of £71 million after financial close was reached on the fourth phase of its Building Schools for the Future ('BSF') project.\n \nWork will shortly begin on building a brand new special school for pupils with autistic spectrum disorder (ASD), Prendergast Vale College, a new all-age school, and the rebuilding of two secondary schools, Bonus Pastor Catholic College and Prendergast Hilly Fields College. \n \nThree of the schools (Bonus Pastor Catholic College, Prendergast Vale College and the new ASD school), with a total capital expenditure of £53 million, will be delivered under a Private Finance Initiative (PFI) package, giving significant financial benefits to the Council. \n \nThe PFI will be delivered by Learning21, a consortium that includes Costain Engineering & Construction and Babcock International. The design and construction of the schools is being undertaken by Costain, while the facilities and ICT services will be provided by Babcock. \n \nThe fourth school, Prendergast Hilly Fields College, will be delivered through a £18 million design and build contract with Costain.\n \nEach school will have the very latest in information and communication technology (ICT) and fully integrated facilities management services. All work is due for completion by September 2013.\n \nCommenting on the award, Andrew Wyllie, the Chief Executive of Costain, said:\n \n\"Costain is delighted to have reached financial close on the fourth phase of its BSF partnership with the London Borough of Lewisham, and to be part of the on-going delivery of quality education services to the young people of Lewisham.\"\n \n5 January 2011\n \n \nEnquiries:\n \n\n\n\n\nCostain Group PLC\n\n\nTel: 01628 842444\n\n\n\n\nGraham Read, Communications Director \n \n\n\n\n\n\n\n\nCollege Hill \n\n\nTel: 020 7457 2020\n\n\n\n\nMark Garraway\n\n\n\n\n\n\n\nAdam Aljewicz\n\n\n\n\n\n\n\n \n \nNotes to Editors\n \nCostain is one of the UK's leading construction ...