Bardlsey pushes alternative PFI model

Grant Prior 11 years ago
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Bardsley Construction is calling on the Government to adopt its alternative funding model for stalled public projects after the PFI process was attacked by spending watchdogs this week.

Bardsley has a new funding model – known as Genesis Equity – which is ready to replace PFI after the Commons Treasury Committee dismissed schemes built under the process as “extremely inefficient”.

Genesis involves the contractor injecting cash to get a scheme going but is not reliant on making returns from complicated long-term finance deals.

Bardsley believes Genesis is the perfect replacement for PFI and is now looking to sit down with the Treasury and discuss its widespread implementation.

Finance director Steve Purkis told the Enquirer: “We have been trying to push this in Parliament for a few months and now seems the perfect time.

“We don’t want any decisions being made on future funding methods without officials seeing our model.

“Genesis is not clever – it just uses common sense and is all about building buildings.

“It is very flexible and can involve funding, building and managing the completed building.”

Bardsley is looking to use the model on schemes up to £20m and has already had positive discussions with councils, colleges, academies and primary care trusts.

A Genesis-style model could be adopted by other contractors but Purkis believes it is ideal for smaller and medium sized contractors.

He said: “It is scaleable but is best suited to SMEs rather than huge contractors who are being criticised over PFI.”

Bardsley is holding talks about the idea with Partnerships for Schools next week and has an MP on board to lobby in Parliament.

Purkis said: “Our model is basically PFI distilled down to just its good bits and we would still make our money out of building.”

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