Thursday, June 4, 2009

QED Wates reaches financial close on £280m Luton BSF

QED Wates has reached financial close on a ВЈ280m deal to deliver Luton's Building Schools for the Future (BSF) programme.

The project has gone from the start of procurement to close in 18 months - two months earlier than planned.

QED Wates, which is led by Wates Group, will rebuild or refurbish 13 of Luton's secondary schools over the next four years.

Paul Drechsler, Chairman and Chief Executive of Wates Group, said: “The partnership between Luton Borough Council and QED Wates will transform the education available to young people in Luton, as well as provide many opportunities for employment and training.            

“Wates is delighted to be part of such a major milestone for Luton and I congratulate and recognise all the teams at Luton Borough Council, Partnership for Schools and QED Wates for their professional and thorough engagement - demonstrating a real partnership approach that has achieved one of the fastest financial closes in the BSF programme. I look forward to celebrating many more future successes together.”