PFI too slow and expensive, says Amec

Amec has today (Thursday) criticised PFI for being too slow and expensive, and says more standardisation is necessary to improve the process.

Amec's finance director Stuart Siddall said: "The PFI process is slow, it is expensive, and anything that could be done to improve it is welcome."

Siddall continued: "The long delays with PFI schemes from reaching preferred bidder status to financial close cause a lot of uncertainty for contractors. PFI would definitely benefit from more standardisation."

"If you look at road projects, they don't have the long delays that PFI schemes encounter. This is because it is easier for the Highways Agency to procure work, as it is the only road client in the country. But if you take London Underground for example, a project that Amec bid for over two years ago still hasn't reached financial close."

Siddall denied rumours that Amec was considering abandoning future PFI work. "We continue to invest about £5m a year pursuing PFI schemes," but added "if our investors put pressure on us then we'd obviously have to reconsider our position on PFI work. And no, our investors are not putting any pressure on us at present."

Asked if he felt other contractors have lost faith in PFI, Siddall replied: "I don't know, you would have to speak to other contractors about that."