Interserve reaches close on £95m Cornwall Schools PFI

The Interserve-led Pyramid Schools consortium has reached financial close on the £95m PFI contract with Cornwall County Council covering 17 schools in and around Truro and Penryn.

Interserve and partner Bank of Scotland were named preferred bidder for the project towards the end of 2003. Interserve will deliver both construction and facilities services for 28 years.

Two new schools will be built (Richard Lander secondary, due to open in September 2006, and Devoran primary, due to open in September 2007) and 15 others will be extended, remodelled or refurbished