Financial close reached on BSF contract for Blackburn with Darwen and Bolton councils to rebuild 26 schools
Balfour Beatty has reached financial close on its £450m BSF contract for Blackburn with Darwen and Bolton councils, it announced today.
The contractor giant said the PFI deal will involve it rebuilding 24 schools, two special needs schools and seven pupil-referral units across the two boroughs by 2015.
Balfour, which was appointed on the scheme in October last year, has agreed to invest £2.6m of equity into the first school, Pleckgate High, and could put up to £20m into the project as a whole.
Construction on Pleckgate will begin immediately, with Balfour pledging to use at least 40% local staff on the scheme and offering apprenticeships.
Balfour Beatty chief executive Ian Tyler said: “We look forward to utilising our previous experience, having already worked on nine major UK PPP education projects, to create new, first-class, learning environments as well as facilities that will be available to the whole community.”