Joint venture including Bank of Scotland and Cyril Sweett will build six new schools in southern Scotland

Construction company Carillion has reached financial close on a £76m contract to build six new PPP schools in southern Scotland.

A joint venture vehicle Education 4 Ayrshire, consisting of Carillion, Bank of Scotland Corporate and Cyril Sweett Holdings, will design, build and operate six new schools for South Ayrshire Council under a 32.5 year concession. Bank of Scotland will also be providing the debt facilities for the transaction.

The project includes two new senior schools, three new primary schools and an extension to Kyle Academy.

Carillion chief executive John McDonough said education was a key growth area for the company.