Faithful+Gould Celebrate £380 Million Project Win

Dale Potts
The flagship £380 million Manchester Joint Hospitals scheme reaches financial close

A team from the Teesside office of international project and cost consultants, Faithful+Gould, are celebrating after reaching financial close on the flagship £380 million Manchester Joint Hospitals scheme.

Building upon its strong reputation for providing realistic, robust and sustainable projects in line with the public sector needs on Private Finance Initiative (PFI) schemes, this latest project will see the creation, on one fully integrated site, of a new Children’s Hospital and new facilities for the Manchester Royal Infirmary, Saint Mary’s Hospital for Women and Children, and the Manchester Royal Eye Hospital, alongside further ancillary clinical buildings.

Faithful+Gould was appointed by Catalyst Healthcare Management to provide the funders of the scheme, Ambac Assurance, with confirmation that the project will be designed and monitored in a way that will meet public sector, as well as budgetary requirements. The project team was led by the specialist expertise of Faithful+Gould’s Teesside based Consult division, who with a healthy portfolio of major PFI schemes to its credit provided due diligence expertise in the period leading to contract close.

Faithful+Gould has also been employed to provide a monitoring role to Ambac Assurance, on any progress or threat to repayments for a further 35 year period after construction has been completed.

Unusually for this type of project, start on site occurred before financial close and an early works agreement was issued to ensure scheme completion within the original timetable. The phased construction programme, commenced during the summer under an interim works agreement and is due to be completed by January 2010.

David Nicholson regional director and commercial consultant on the project, said: "We are delighted to provide technical due diligence on such a high profile scheme which has drawn upon specialist expertise from all corners of Faithful+Gould’s various disciplines. It further endorses us as leaders in technology-based consultancy and support services."

Commenting on the ongoing relationship between Faithful+Gould and Catalyst Healthcare Management which has been established over a number of PFI projects, Catalyst’s development manager, Ken Clark said: "When finished the Manchester Joint Hospitals scheme will provide exceptional facilities to the north west region. The project has provided us with exciting technical challenges and I look forward to seeing the finished development in 2010."

The Consult division of Faithful+Gould is also involved in other major PFI schemes in Leeds, Derby, London, Newcastle, Stoke, Lincoln, Roehampton, Carlisle, Norwich and Coventry.