BAM has reached financial close on three Somerset school projects – the only schemes that will reach site through the county's Building Schools for the Future (BSF) programme.
The construction value of the three new-build replacement schools is estimated at £50m.
, but all other schools projects earmarked for delivery through the contract have been cancelled, following Education Secretary Michael Gove's decision to scrap the programme.
ºÚÁϲ»´òìÈ work will start this month on the three remaining schools: the 1,050-pupil Chilton Trinity Technology College; the 900-pupil Robert Blake Science College; and the 60-pupil Elmwood School, which will be co-located with Robert Blake Science College.
Financing has been arranged by BAM PPP, which is also providing an £8m equity investment.
BAM ºÚÁϲ»´òìÈ will build the schools, with BAM Facilities Management running the facilities throughout the 25-year operational concession period. ICT managed services for the schools will be provided by RM Education.
Somerset County Council and BAM have formed a Local Education Partnership to deliver the new schools and related services. This organisation will be responsible for improving educational facilities and to leverage opportunities for wider regeneration, socio-economic, community and leisure benefits.
The new schools are scheduled to open in October 2012.
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