14 Jun 2001

Interserve Plc is pleased to announce that it reached Financial Close on the Portsmouth Social Services PFI Project today.

The contract includes the provision of two new daycare centres and a residential unit for Portsmouth Social Services. Interserve will also be responsible for the facilities management of these buildings and two others over the life of the thirty year contract.

The project is another example of the integrated approach that Interserve is able to adopt in service delivery, by using its in-house companies to provide both the new buildings and the long-term facilities management services. The project will generate £22million of future work for Interserve activities over the life of the concession.

Mike Bottjer, Chairman, commented: "So far this year we have achieved financial close on three PFI contracts Dudley Hospital, Cornwall Fire Stations and now Portsmouth Social Services. In addition we have preferred bidder status on Hattersley Schools, Southampton Schools and H.S.E Buxton, where we are actively working towards financial close".