10 Mar 2011 07:00
NEWS RELEASE
10 March 2011
Cyril Sweett Group plc
("Cyril Sweett or the Group")
Cyril Sweett reaches financial close on hub North Territory and formshub North Scotland Limited
Cyril Sweett, the international construction and property consultancy, is pleased to announce that the Alba Community Partnerships consortium, comprising Cyril Sweett Investments Limited (50%) and Miller Corporate Holdings Limited (50%), has formed the hub North Scotland Limited joint venture, signing a 25 year Territory Partnering Agreement ("TPA") with public sector partners in the North Territory. Under the agreement, hub North Scotland Limited expects to deliver over £400m of community facilities across northern Scotland over the next ten years.
hub North Scotland Limited will deliver both capital and revenue projects during the 25 year concession period, which includes a ten year exclusivity provision with the North Territory Health Boards. During this time, primary and community care schemes of over £750,000 will be procured through the joint venture. Cyril Sweett's equity investment in the revenue projects is expected to amount to some £7m over the first ten years of the project.
Derek Sharkey, Project Director, Cyril Sweett Investments Limited and Interim Chief Executive of hub North Scotland Limited, said: "We are delighted to have reached a significant milestone in achieving contract close on hub North. We are progressing well with the initial projects and look forward to working with local partners and businesses over the coming years."
Dean Webster, Chief Executive Officer of Cyril Sweett, said: "Our strategy of investing in public sector projects has significantly diversified the Group's interests. We are proud to be playing a role in the financing and delivery of facilities and infrastructure within the health, education, blue light and local authority sectors across Scotland and of the value and employment opportunities that these will provide to local residents."
Alba Community Partnerships was appointed preferred partner on hub North in November 2010. The hub initiative, which is led nationally and supported locally by the Scottish Futures Trust, plans to deliver more than £1 billion of new community infrastructure across Scotland though the five hub areas. Initial projects in hub North include Aberdeen Health Village, Tain Replacement Health Centre and Woodside Medical Group.
-ENDS-
For further information please contact:
Cyril Sweett 020 7061 9000
Dean Webster, Chief Executive Officer
Chris Goscomb, Chief Financial Officer
Theo Kjellberg, Group Communications Manager
Arbuthnot Securities (Nominated Advisor) 020 7012 2000
Andrew Kitchingman / Adam Lloyd
Financial Dynamics (Financial PR Advisor) 020 7831 3113
Oliver Winters / Latika Shah
Notes to Editors
About Cyril Sweett Group plc
Cyril Sweett is a leading international construction and property consultancy offering expertise in cost consultancy, project management, building surveying and a comprehensive range of specialist consulting services.
Cyril Sweett was founded in 1928 and employs over 1,200 people in 44 offices across Europe, the Middle East, North Africa, India, Sri Lanka, Asia Pacific and Australia.
About Alba Community Partnerships
Alba Community Partnerships is a consortium comprising Cyril Sweett Investments Ltd (50%), a subsidiary of Cyril Sweett Group plc and Miller Corporate Holdings Ltd (50%), part of The Miller Group.