Tods Murray posts record profits as it secures PFI work in England

The capital projects department at Tods Murray has registered its best-ever half-year figures, following the completion of four private finance initiative (PFI) projects originating in England.

Within the last 12 months, the team has completed projects worth over £400m. These include the Islington street lighting, Rotherham schools, Blackburn hospital and Sunderland street lighting projects.

The team won the work after its role on the £200m-plus New Royal Infirmary of Edinburgh project.

“It used to be a foregone conclusion that deals like these went to City-based firms,” said a Tods Murray spokesman. “Now a selection committee based in Birmingham tenders out the work and the price determines who gets it. It’s been a record year and the PFIs have rolled in.”

Charles Smith, commercial and projects lawyer at Brodies, noted that the PFIs were good for Scottish practice in general. He added that Tods Murray is not the only Scottish firm landing major PFIs, and that the work it has recently completed is not unique. “PFI work involving schools and hospitals are not quite bread-and-butter work, but are certainly fairly mainstream,” said Smith.