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Carillion reaches financial close on £192m Rochdale BSF

Carillion and its joint venture partners in the Local Education Partnership have achieved financial close for the £192 million Rochdale Building Schools for the Future.

The LEP, comprising Rochdale Borough Council, Building Schools for the Future Investments and Carillion, will deliver 13 new or refurbished schools in three phases over a four-year period.

Carillion will carry out the building and refurbishment work for which the capital cost is approximately £180 million, with work due to start this month. Four of the 13 schools will be privately financed by a combination of borrowing and equity.

One of these, Hollingworth School, is to be delivered in the first phase, in which Carillion will invest some £2.4 million of equity.

The contractor will also invest equity in the other three privately financed schoolsover the course of the programme.

Carillion also expects to provide facilities management services for all four privately financed schools, generating around £12 million of revenue over 25 years.

This deal brings the total value of BSF projects won by Carillion to around £1.3 billion and further consolidates the Group’s position as one the leading suppliers to the BSF programme.