Balfour Beatty, the international engineering, construction, services and investment group, has announced that financial close has been achieved on Phase 1 of the £150 million Islington Schools for the future PPP programme.

The contract will be executed by Transform Schools, Balfour Beatty's specialist education concession company. Construction will be carried out by Balfour Beatty Construction and Balfour Kilpatrick and long-term facilities management services will be provided by Haden Building Management, also part of the Balfour Beatty Group. IT will be provided by RM Education.

Balfour Beatty Chief Executive Ian Tyler said: "We are delighted to have reached financial close on our second Building Schools for the Future concession, and our first using the Local Education Partnership model. We look forward to a long-term partnership with the London Borough of Islington and to bringing the expertise gained in six other schools PPP schemes to helping Islington achieve its vision of offering every child in the borough a positive and attractive learning experience."

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Ursula Woolley, Islington Council's Executive Member for Children and Young People said: "Reaching the stage of financial close in Islington's Building Schools for the Future programme is an important marker for Islington Council and Transform Schools. Building work is getting into full swing now and I'm looking forward to seeing the improvements at each school take place. The end results will be fantastic for Islington's children, teachers, parents and local communities too as state-of-the-art education facilities are put in place."

Under the contract Transform Schools has incorporated, in joint venture with Islington and BSFi, a Local Education Partnership to be known as Transform Islington.

(CD/JM)