PracticePeople In PracticePwC-advised private finance initiative deal completed

PwC-advised private finance initiative deal completed

PricewaterhouseCoopers has announced the successfulcompletion of a £18m PFI transaction for the construction of schools and inwhich it acted as financial adviser.

PwC advised the East Sussex County Council on the theprivately funded initiative between the council and HGB, a large constructiongroup.

Nigel Middleton, head of PFI advisory services at PwC said: ‘The completion ofthis deal, with which PwC has been involved since the first stages, is furtherproof of the validity of the PFI process in delivering new education facilitiesfor local authorities.’

The deal was completed on 31 March 2000 and will lead to the construction of abrand new secondary school, the reconstruction of three primary schools andsubstantial refurbishment to a fourth primary school.

The community-based PFI schools project is the first of its kind to becompleted. The project will take place in the East Sussex town of Peacehaven.The PFI project is the first in a series of forthcoming initiatives involvingconstruction and refurbishment in schools in England.

Health service accounts spared qualification

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