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Media Releases
2005

13 July
2005

Shepherd and Wedderburn at the forefront of PPP innovation in the UK with two new major deals

  • £600m Ministry of Defence PPP contract is the largest completed by the firm.
  • Firm's Glasgow PPP team concludes first ever Scottish local authority bond-financed PPP deal worth £250m on behalf of North Lanarkshire Council.

Shepherd and Wedderburn has announced the completion of two major PPP deals, consolidating the firm's reputation for invovlement in cutting-edge pathfinder PPP projects.

The first deal saw the firm complete a £600m PPP project on behalf of the Ministry of Defence (MoD). The 15-year 'C Vehicles' contract is the largest ever completed by the firm and incorporated lawyers from the firm's London and Scottish offices working for the Bristol-based Defence Procurement Agency.

The C Vehicles project involves the provision of several thousand civil engineering vehicles and associated plant and equipment - 180 different types in total - to the British Army by a consortium of Amey and Lex. The consortium is also responsible for maintaining and supporting the equipment, providing training and running a Management Information System tracking the locations and operational condition of the fleet.

In his announcement Lord Drayson, the minister responsible for defence procurement, described the project as: "improving the capability of our front line troops while saving the taxpayer money."

David Nash, the partner who led Shepherd and Wedderburn's team, said: "This was a truly outstanding team effort. This is the largest PPP deal completed by Shepherd and Wedderburn and further enhances our reputation for this work in the UK. The extent to which the team contributed to this project was demonstrable by the sheer size and scope of the documentation."

Shepherd and Wedderburn also completed the North Lanarkshire Council Schools PPP Project, a four year deal managed by the firm's Glasgow PPP team. This was a flagship project for the council and the firm, being the first ever local authority bond-financed PPP deal in Scotland. It is also a significant deal in NPV terms, being valued at £250 million - the largest of the current tranche of Scottish schools PPP projects. This deal consolidates the firm's reputation as principal adviser to the public sector on schools PPPs in Scotland, and the bond aspect ensures that the team can boast unique experience in the market.

Note to Editors:

The C Vehicles consortium comprises Amey Ventures Investments Limited (registered number: 04738493) whose registered office is at The Sherard Building, Edmund Halley Road, Oxford OX4 4DQ and Lex Defence Limited (registered number: 03493110) whose registered office is at Lex House, 17 Connaught Place, London W2 2EL


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