Mowlem is named preferred bidder for £150m project with joint-venture partner Robertson Group.

Mowlem and joint-venture partner Robertson Group have been named preferred bidders on the £150 million Redcar and Cleveland Schools PFI project.

The capital value of the Redcar and Cleveland Borough Council project is £50 million, while the services will be potentially worth £100 million over 28-years.

The PFI will involve the delivery of five new schools in the Redcar and Cleveland district and the refurbishment of one existing school. Mowlem will carry out all construction work and provide a range of facility management services.

Construction is scheduled to begin in January 2005 and financial close is expected in November 2004.

Mowlem Chief Executive Sir John Gains said: "This is the latest in a series of major PFI successes for Mowlem. In June this year we reached financial close on the £285 million Lewisham Hospital PFI, which closely followed financial close on the £315 million Exeter Schools PFI and our selection as preferred bidder on the £150 million Barnsley Schools PFI, all in joint venture."