Co-op funds landmark schools scheme

THE Co-operative Bank is lending more than £27m to a major school building programme in the Midlands.

The Manchester-based lender’s PFI and Project Finance team is lending £27.5m of a £54m debt facility for the first phase of the Birmingham Building Schools for the Future (BSF) programme.

In what is the largest school building programme under the BSF scheme, schools involved in phase one will launch a £2.4bn programme over 10 to 15 years to transform Birmingham’s primary, secondary and special needs school portfolio.
Phase one is worth £180m.

Andrew Sykes, senior manager in The Co-operative Bank’s PFI and project finance team in Manchester, said: “This is a landmark deal for the bank and we’re very proud to be involved in the transformation of educational provision for teachers and present and future generations of Birmingham’s youngsters.

“Birmingham City Council is a valued and longstanding customer of The Co-operative Bank so we’re delighted to provide strategic support for this flagship infrastructure investment.”