Balfour Beatty reaches financial close on £150m BSF scheme

Balfour Beatty has reached financial close on phase one of the £150m Islington Building Schools for the Future PPP programme.

The contract will be executed by Transform Schools, Balfour Beatty’s specialist education concession company.

This is Transform Schools’ first Building Schools for the Future (BSF) project and will involve an equity investment of £3m from Balfour Beatty.

Ian Tyler, Balfour Beatty chief executive, said: “We are delighted to have reached financial close on our second Building Schools for the Future concession and our first using the local education partnership model.

"We look forward to a long-term partnership with the London borough of Islington and to bringing the expertise gained in six other schools PPP schemes to helping Islington achieve its vision of offering every child in the borough a positive learning experience.”

Construction will be carried out by Balfour Beatty Construction and Balfour Kilpatrick. IT will be provided by RM Education, and Haden Building Management is responsible for the long-term facilities management.

Ursula Woolley, Islington council’s executive member for children and young people, said: “Reaching this stage in Islington’s Building Schools for the Future programme is an important marker for Islington council and Transform Schools.

"Building work is now getting into full swing and I’m looking forward to seeing the improvements at each school take place. The end results will be fantastic for Islington’s children, teachers, parents and the local communities too as state-of-the-art education facilities are put in place.”