Record financial closure for MoD project

Financial closure on the Ministry of Defence's Sixth Form College has taken three months - the fastest ever achieved for an MoD accommodation project.

Interserve and its consortium partner TQ Education and Training were named preferred bidder at the end of January for the £250m PFI contract, with financial closure just being reached.

Interserve Project Services will design and build the college, which is scheduled to open in September 2005, and then Interservefm and TQ Education and Training will provide a full range of fm and educational services over a 28-year period.

The value to Interserve of the project and facilities services is approximately £90m.