Pinsents wastes no time in bagging third PFI deal

Pinsents wastes no time in bagging third PFI deal Accountancy firm Pannel Kerr Foster (PKF) helped Pinsent Masons bag an instruction from a new entrant into the waste PFI market – the family-owned Donarbon.

A mutual contact at PKF suggested Pinsents for the £730m Cambridgeshire project and the firm was shortlisted to a group of three before winning the deal, according to partner Catherine Workman, who was involved in the pitch.

“Donarbon is a SME [small and medium-sized enterprise], which is quite unusual in the waste market. It’s good that a new entrant to the market was able to complete a deal, not just the established players,” said Workman, who assisted lead?partner?Simon Mumford on the deal.

The 28-year project, which involves the integrated management of municipal waste in Cambridgeshire through recycling, composting and treating, received £70m in funding from the Bank of Ireland.

Ashurst partner Patrick Boyle, who advised Bank of Ireland?with?partner Cameron Smith, said the project was a big learning curve for Donarbon, which is a member of the Dickerson Group. Boyle added that he expected the local business to bid for further work.

Technology?for?the mechanical biological treatment (MBT) facility at Waterbeach in Cambridgeshire will be provided by German company Kelag VKW. Total construction costs across three sites will amount to £50m.

Cambridgeshire County Council was advised by partners Nicola Sumner and Roseanne Serrelli at Sharpe Pritchard.

This deal was the third waste PFI transaction that Pinsents has closed within a five-week period.

In the other deals Pinsents advised longstanding client Veolia on a £660m Southwark project and a £520m West Berkshire project. Eversheds partner Michael Grimes advised London Borough of Southwark and Bevan Brittan associate Scott Townson advised West Berkshire Council.