News

Read about the latest developments at Shepherd and Wedderburn - as well as updates on the law. There are also details of our latest deals, and our media centre for journalists.

Media Releases
2006

08 September
2006

PPP deals worth over £1,302 million completed

Leading UK law firm Shepherd and Wedderburn’s role in the formalisation of the £180 million design and build contract for the new Stobhill and Victoria hospitals in Glasgow has seen the firm reach a record £1,302 million in PFI deal completions so far this year.

The two year project, which represented the largest single investment in new NHS facilities in Scotland this year, will see construction work begin later this year and the new hospitals treating patients by 2009.

Shepherd and Wedderburn’s team, led by Projects partner Rhona Harper, delivered legal and strategic advice on all issues around the project including deal structure, planning issues and project management.

“There has been a significant change in the way projects like this have been structured in recent years,” said Rhona. “The roll out of standardised risk transfer arrangements and standard form contracts has changed the way we work with our clients".

“The way in which we deliver both strategic and legal advice on the procurement process has changed, and we work much more closely with the project teams involved and have an increased role in driving the initiatives forward.

“Given the very nature of the complexities and values attributed to PFI projects at the moment, we expect to see the sector continue to grow business for those legal firms with the right credentials.”

Deals Shepherd and Wedderburn has been involved with this year:

  • Acting on behalf of the Sir Robert McAlpine sponsored consortium to complete the Gateshead Schools PFI scheme which has a capital value of £55 million
  • Concluding the Scottish Prison Service's £369 million PFI project which will see a new 700-place prison being provided at Addiewell in West Lothian. The consortium, comprising Interserve, Sodexho and RBS has responsibility for the design, build, operation and funding of the new facility
  • Acting for Amec Group Limited in its capacity as design and build contractor and facilities management contractor in South Lanarkshire Council's £352.2 million schools PFI project
  • Advising North Lanarkshire Council in the extension of its £160 million capital project to include an additional school at Wishaw with a capital value of £6.9 million. This change demonstrates the ability of a bond financed scheme to retain sufficient flexibility to accommodate capital works post financial close
  • Advising Argyll & Bute Council in the extension of its NPDO schools project to include a further secondary school in Helensburgh which will be re-provided on a greenfield site in the town. This involved the NPDO vehicle raising an additional £29 million of capital from the existing funders of the project, the Royal Bank of Scotland and the European Investment Bank
  • Advising North Ayrshire Council in connection with its £100 million capital project for the development of new school premises in the area
  • Advising Midlothian Council in its second schools PFI project with a capital value of £60 million


« Back to Press Releases