SCHOFIELD SWEENEY CLOSES FURTHER PHASE OF NHS LIFT PROJECT ON TIME

The Projects Team at Schofield Sweeney has closed the second phase of a major Local Improvement Finance Trust (LIFT) scheme in Bradford and Airedale on behalf of Bradford & Airedale Care Partnerships Ltd, worth a combined investment value of £50m. The project has secured Schofield Sweeney’s position as one of the most eminent firms undertaking this type of work.

The financial close took place at Schofield Sweeney’s new Bradford City Centre offices and involved nearly 50 people including representatives and board members from Bradford & Airedale Care Partnerships Accent Group, Bradford City Teaching PCT, the Royal Bank of Scotland and Partnerships for Health.

The scheme will provide primary health care facilities in Thornbury, Undercliffe and Barkerend. These are areas where modern healthcare facilities will substantially contribute to the regeneration of the communities they will serve. The project is unique because Bradford & Airedale Care Partnership’s private sector partner is Accent Group, the only not-for-profit community investment organisation leading LIFT schemes.

The project follows on from a series of other successful LIFT projects on which Schofield Sweeney has acted in Bradford & Airedale and Tees Valley & South Durham. All of these were completed within the required timeframes, despite being extremely complex procedures, an unusual if not unique achievement.

Andrew Hurst, lead partner from Schofield Sweeney led a team of eight on the project. He says: “The closure of these latest schemes on time emphasises the commitment and resources of Schofield Sweeney. Several hundred documents had to be prepared and signed by a large number of parties, making it an extremely complex process. Schofield Sweeney is now one of the most experienced firms carrying out this kind of work, not only in the region, but nationally.”

Schofield Sweeney has created a model for other LIFT projects, which could be replicated by not-for-profit organisations wishing to become involved in this type of transaction.

Accent Group, as the private sector partner to two Lift companies, remains on course to assist the roll-out of further LIFT schemes and to continue its diverse role in the community regeneration process.

August 2006