Mowlem has beaten off three rivals to win a facilities management deal worth up to £500m with HSBC.
Rivals Taylor Woodrow, EC Harris and Johnson Controls were informed of the bank’s decision last week. The deal is worth £100m a year for three years, with an option to extend it for a further two years.

The deal is being touted as the biggest FM contract in the UK – and HSBC is also understood to be considering rolling it out to include the rest of its European property portfolio.

The decision came as a surprise to the bidders, who expected the work to be divided into two, based on a regional split. The contract covers all HSBC’s UK branches and corporate facilities, with the exception of its tower headquarters at Canary Wharf in Docklands, east London.

The decision to plump for Mowlem will come as a blow to Taywood. The bank was close to finalising a similar FM deal with it last year but talks broke down after HSBC decided that it was unable to justify the arrangement financially.

The deal is being touted as the biggest facilities management contract in the UK

A source at one bidder said the decision came down to Mowlem’s culture and its regional spread. Its bid was put forward in conjunction with its FM arm, Aqumen.

n The Office of the Deputy Prime Minister and the Department for Transport are looking to outsource building and facilities management for their London and UK property portfolio.