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Another controversy was the long term cost of the private finance initiative (pfi) deal to build the hospital: In 2019 it was revealed that University Hospitals Coventry and Warwickshire NHS Trust paid 12.5% of their income per year to the contractor, and that by the end of the contract, they would have spent an estimated £3.7 billion, almost ...
The Norfolk and Norwich University Hospitals NHS Foundation Trust pays the private PFI Octagon consortium in the region of £41 million a year. [4] In 2004, the Association of Chartered Certified Accountants assessed the actual costs at £1.16 billion, or around five times the initial cost of £229 million.
PFI contracts are typically for 25–30 years (depending on the type of project); although contracts less than 20 years or more than 40 years exist, they are considerably less common. [8] During the period of the contract the consortium will provide certain services, which were previously provided by the public sector.
As a result, the NHS trust sought direct government funding, [16] and on 16 August 2018, the government announced it would fund completion of the hospital. [17] In November 2018, it was reported that the NHS trust was struggling to find a contractor to complete the hospital, with the possibility that the hospital might be delayed beyond 2022. [18]
The 35-year contract with Aspire Defence was let in 2006. It involves servicing and refurbishment of buildings on 800 ha of army land around Salisbury Plain and in Aldershot . [ 9 ] Aspire Defence Limited is 37.5% owned by "funds managed by Innisfree"; the other shareholders are InfraRed Capital Partners (17.5%) and KBR (45%).
It was procured under a Private Finance Initiative contract in March 2015. [8] The hospital was designed by Ryder Architecture and NBBJ [9] and built by Laing O'Rourke [8] at a cost of £213 million. [10] The new hospital was officially opened by the Princess Royal in July 2018. [11]
In 2017 there were 127 PFI schemes in the English NHS. The contracts vary greatly in size. Most include the cost of running services such as facilities management, hospital portering and patient food, and these amount to around 40% of the cost. Total repayments will cost around £2.1 billion in 2017 and will reach a peak in 2029.
The hospital was procured under a private finance initiative (PFI) contract to replace Harold Wood Hospital, Oldchurch Hospital, Rush Green Hospital and St George's Hospital, Havering in 2004. It was designed by Jonathan Bailey Associates and built by Bovis Lend Lease at a cost of £312 million on Rom Valley Way, near the now demolished Romford ...