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VT Group reaches financial close on Greenwich BSF programme
Mon 07 Dec 2009
Support services company VT Group has announced that it has reached a major milestone in the initial phase of its Greenwich Building Schools for the Future (BSF) programme.
The firm is the strategic partner organisation for the London Borough of Greenwich Council and it has revealed that the construction of the first two schools is expected to generate revenues of about £130 million over the next 27 years.
Paul Lester, chief executive of VT Group, asserted his belief that despite budgetary pressures, education will continue to remain at the forefront of the government's plans
Over the course of the programme, the company will rebuild or refurbish all of the 13 secondary schools in the Borough.
This will be carried out in three waves as part of the government's national BSF plan.
"The Greenwich BSF scheme was one of the original pathfinder projects so it is good news to hear that it has finally found its way," said Andrea Squires, partner of Winckworth Sherwood and lead on BSF matters.
On average, the national expenditure on the BSF programme is between £2.5 billion and £3 billion annually. The Comprehensive Spending Review settlement for the three years between 2008 and 2011 allocates £9.3 billion for the scheme.
