INPP lifts stakes in UK school rebuilding scheme
International Public Partnerships Ltd.
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08:10 23/04/24
Infrastructure investment company International Public Partnerships on Wednesday said it was spending £3.6m to lift its stake in legacy UK school rebuilding projects.
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The company said it would take stakes in six PFI project companies that own the 14 schools across Bradford in the north and Lewisham in south London, UK.
INPP bought stakes from Costain Construction and Engineering Limited, increasing existing investment by 4%.
On completion, INPP will hold a 54% investment in three of the Lewisham ‘Building Schools for the Future’ (BSF) schemes and 45% in the fourth, as well as increasing its share in the two Bradford schemes to 15.5% and 19% in the phase 1 and phase 2 schemes respectively.
The controversial BSF scheme was introduced by the then Labour government in 2004 under Prime Minister Tony Blair and scrapped by the Conservatives when they came to power in 2010, with Education Secretary Michael Gove attacking "massive overspends, tragic delays, botched construction projects and needless bureaucracy".
Dubbed the biggest school building programme since Victorian times, BSF was a £55bn plan to rebuild every secondary school in England.