Lovell White Durrant has won a contract from the Inland Revenue and Customs & Excise to advise on a forthcoming public-private partnership.
The firm beat off competition from 30 other firms, of which five were invited to tender and three short-listed for interview. Bids were subjected to an economic appraisal to ensure the firm selected could provide better value for money than the in-house advice of the two agencies.
The joint venture between the Revenue and Customs will provide serviced accommodation to the two via the private sector.
Lovells will advise on the commercial aspects of the transaction and the structure of the 20-year contract, including financing and property advice. The firm will also advise on the bidding documentation and due diligence.
Lovells’ experience of private finance initiative work and large-scale property portfolio transactions was a key factor in its appointment, as was previous advice the firm supplied to the Department of Social Security over the department’s private sector initiative for the management of its properties.
An Inland Revenue spokesman says its present relationship with Cripps Harries Hall will not be affected by Lovells’ appointment.