Business
Review of the BSF Programme
Review of the BSF Programme.
About this update from Rm Plc
[{"type":"text","content":"\n RNS Number : 8695O RM PLC 06 July 2010 \n \n\n6 July 2010\n \nReview of the Building Schools for the Future (BSF) Programme\nOn 5 July, the Department for Education announced a major review of the Building Schools for the Future (BSF) programme.\nThe key elements of this announcement were:\n· 44 existing BSF projects which have reached financial close will continue as planned.\n· BSF projects which are 'close to' financial close (that is: where preferred bidders have been appointed) and Academies included in BSF projects will be reviewed on a case-by-case basis.\n· All other BSF projects will be stopped. The Secretary of State said, \"Rebuilding and refurbishment projects may go ahead under future capital investment programmes, shaped by the capital review - but they will no longer be funded under the existing programme.\"\nRM has reached financial close on 14 BSF projects. The large majority of the BSF schools RM had anticipated delivering in FY-2010 and FY-2011 are part of these 14 projects.\nRM has previously announced that it has been appointed preferred bidder for a further seven BSF projects, with a total value of £200m of which £121m was included in the committed revenues figure of £505m disclosed in the Group's interim results announcement. These projects will now be subject to review and may be scaled back significantly.\nBid costs incurred for BSF projects up to preferred bidder stage are expensed in the year they arise.\nTerry Sweeney, Chief Executive of RM, said:\n\"We have strong relationships at individual school, local government and central government levels. With our strong position in the Academy market, we remain confident that RM is well-placed to adapt to changes in capital spending programmes.\n\"We will continue to analyse the impact of the DfE's review and, as appropriate, update the market in due course.\"\n \nFor further information, please contact: \n\n\n\n\nIain McIntosh/Phil Hemmings, RM plc\n\n\n08450 700300\n\n\n\n\nChris Blundell, Brunswick\n\n\n020 7404 5959\n\n\n\n\nNotes:\nThe RM Group is a leading provider of educational solutions that help teachers to teach and learners to learn. RM works closely with educationalists to create new products, processes and technology which improve educat...