Is now getting back on track. The numbers involved are colossal and what is Cumbria doing to go after this investment.... well that's anyone's guess.
Link
26 May, 2009
In this article we see banks returning to the funding of the BSF initiative in their droves. They are obviously responding to government criticism after taking the cash bailouts and doing nothing with our money. Although some on this list haven't needed government re-financing!
But what it does show is that money is continuing to enter the program so will Cumbria get it's act together and bid?
Who knows?
Partnerships for Schools has revealed that 20 lenders are now providing finance for Building Schools for the Future projects.
The announcement marks a remarkable turnaround for the scheme, which hit a major obstacle when all banks refused to lend as recently as Christmas.
Six deals have closed this year through the £55 billion BSF scheme, which aims to rebuild or refurbish every state secondary school in England by 2023.
PfS chief executive Tim Byles said: "Before the turn of the year, no banks were lending into BSF; today there are 20 financial institutions willing to lend.
"This level of interest means that deals are continuing to close, feeding through to jobs on the ground in the construction sector, and - critically - schools opening the length and breadth of the country."
Link
14 April, 2009
Here we see questions being raised about the college funding overlap and the desire of the government to maintain it's momentum with the BSF program. As we can see from the contracts Interserve are going after there is an awful lot of money going to be heading Cumbria's way whether Barrow has an Academy or not!
We also see evidence that the Colleges for the Future scheme is really being re-evaluated and it looks like some of them will not get their money.
Interserve is targeting the Wolverhampton and St Helens Building Schools for the Future contracts - worth a combined £450 million - after dismissing concerns over private finance.
Interserve director Bob Vince said the contractor was undertaking pre-qualification for the £300 million Black Country deal, where it is understood to be up against Carillion. It is also eyeing the £150 million St Helens contract.
He said: "We look at BSF quite confidently. There are more than 150 local authorities with projects to deliver."
Interserve is part of the consortium that won preferred bidder status for the £280 million Sandwell BSF project last month.
Speculation mounted prior to the winner being named that the council was worried about the bidders' financing arrangements. Almost £1 billion of education projects were put on hold in 2008 as the credit crunch restricted private finance availability.
But Mr Vince said: "At the moment I have no doubt we will be able to finance Sandwell BSF. We might not like the price but we will finance it."
"The cost of debt has quadrupled, but we have been around long enough that banks recognise us as a serious provider of this work. We are confident of getting finance for big projects."
He added: "Banks are coming back to the market - and being joined by pension funds - because the price of lending is attractive."
The main barriers to delivery body Partnerships for Schools getting work finished on every secondary school in England by its target deadline of 2023 lie outside the construction stage, according to Mr Vince.
"There are not enough architects and appropriate local authority resources," he said. "This is not just about sticking up buildings."
"Furniture suppliers are also a big problem every September. Supply chain issues will hold projects up, from architects to desk suppliers."
Mr Vince backed the decision by PfS to make local authorities on the list for waves 7 to 15 of BSF compete on 'readiness to deliver' criteria.
"Waves 7 to 15 confused the Hell out of everybody when it came out, but now it makes sense," he said.
"Readiness to deliver is quite right. It is an expensive bid process and councils turning up to market when they say they will is a big issue."
Mr Vince added that the £55 billion BSF programme overlapped significantly with the beleaguered Building Colleges for the Future scheme. With state-of-the-art sixth forms being built as part of many secondary schools, the Government may not feel college rebuilds are always essential, he suggested.
He said: "Does the Government have confidence in the [BCF] programme? If it wanted to boost the construction sector, colleges are ready to go. Why is it not putting money in?"
26 May, 2009
In this article we see banks returning to the funding of the BSF initiative in their droves. They are obviously responding to government criticism after taking the cash bailouts and doing nothing with our money. Although some on this list haven't needed government re-financing!
But what it does show is that money is continuing to enter the program so will Cumbria get it's act together and bid?
Who knows?
Partnerships for Schools has revealed that 20 lenders are now providing finance for Building Schools for the Future projects.
The announcement marks a remarkable turnaround for the scheme, which hit a major obstacle when all banks refused to lend as recently as Christmas.
Six deals have closed this year through the £55 billion BSF scheme, which aims to rebuild or refurbish every state secondary school in England by 2023.
PfS chief executive Tim Byles said: "Before the turn of the year, no banks were lending into BSF; today there are 20 financial institutions willing to lend.
"This level of interest means that deals are continuing to close, feeding through to jobs on the ground in the construction sector, and - critically - schools opening the length and breadth of the country."
Link
14 April, 2009
Here we see questions being raised about the college funding overlap and the desire of the government to maintain it's momentum with the BSF program. As we can see from the contracts Interserve are going after there is an awful lot of money going to be heading Cumbria's way whether Barrow has an Academy or not!
We also see evidence that the Colleges for the Future scheme is really being re-evaluated and it looks like some of them will not get their money.
Interserve is targeting the Wolverhampton and St Helens Building Schools for the Future contracts - worth a combined £450 million - after dismissing concerns over private finance.
Interserve director Bob Vince said the contractor was undertaking pre-qualification for the £300 million Black Country deal, where it is understood to be up against Carillion. It is also eyeing the £150 million St Helens contract.
He said: "We look at BSF quite confidently. There are more than 150 local authorities with projects to deliver."
Interserve is part of the consortium that won preferred bidder status for the £280 million Sandwell BSF project last month.
Speculation mounted prior to the winner being named that the council was worried about the bidders' financing arrangements. Almost £1 billion of education projects were put on hold in 2008 as the credit crunch restricted private finance availability.
But Mr Vince said: "At the moment I have no doubt we will be able to finance Sandwell BSF. We might not like the price but we will finance it."
"The cost of debt has quadrupled, but we have been around long enough that banks recognise us as a serious provider of this work. We are confident of getting finance for big projects."
He added: "Banks are coming back to the market - and being joined by pension funds - because the price of lending is attractive."
The main barriers to delivery body Partnerships for Schools getting work finished on every secondary school in England by its target deadline of 2023 lie outside the construction stage, according to Mr Vince.
"There are not enough architects and appropriate local authority resources," he said. "This is not just about sticking up buildings."
"Furniture suppliers are also a big problem every September. Supply chain issues will hold projects up, from architects to desk suppliers."
Mr Vince backed the decision by PfS to make local authorities on the list for waves 7 to 15 of BSF compete on 'readiness to deliver' criteria.
"Waves 7 to 15 confused the Hell out of everybody when it came out, but now it makes sense," he said.
"Readiness to deliver is quite right. It is an expensive bid process and councils turning up to market when they say they will is a big issue."
Mr Vince added that the £55 billion BSF programme overlapped significantly with the beleaguered Building Colleges for the Future scheme. With state-of-the-art sixth forms being built as part of many secondary schools, the Government may not feel college rebuilds are always essential, he suggested.
He said: "Does the Government have confidence in the [BCF] programme? If it wanted to boost the construction sector, colleges are ready to go. Why is it not putting money in?"
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