PracticePeople In PracticePwC advises in successful PFI deal

PwC advises in successful PFI deal

PricewaterhouseCoopers has announced the completion of a Private Finance Initiative transaction worth £16m between Bournemouth Borough Council and the consortium Information Resources Ltd.

PwC acted as financial advisers to Bournemouth Borough Council in the first local authority library PFI project involving building and information technology provisions.

Martin Kitterick, PwC partner, said: ‘This deal marks a major achievement for both PricewaterhouseCoopers and Bournemouth Borough Council. Its completion is further proof of the validity of PFI in delivering important services for local residents.’

The scheme is a 30-year service contract to build a new hi-tech central library in the heart of Bournemouth with IT links to 11 branch libraries. The library network will also link Bournemouth Council network at the town hall allowing the library to participate in local and central government initiatives.

Councillor Jacky Harris said: ‘We are delighted to have completed this deal which is the result of a great amount of dedicated work by all involved over many months. Bournemouth residents will now be able to enjoy the benefits of a new public building which will serve as a focal point for residents and visitors alike.’

Information Resource consortium comprises Kier, Caxtons and Allied Worldwide with Helaba as debt provider meeting 90% of the total finance requirement. Kier will provide the remaining 10%.

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