This project was for a new 210-bed unit will containing 30 departments across four levels, including cardiology, medical wards, pathology, office accommodation, plant, and a restaurant. In 2012 further expansion of the hospital took place (capex 25M) with the construction of a new wing and infilling existing void areas and provision of ancillary services to provide further clinical care. This was a major variation enabled by Pario for the SPV, which was successfully delivered within budget and on time.
Services Provided: Full SPV Management
Location: Barnet, Hertfordshire
Capital Value: £40m
Whole Life Value: £594m
We have ensured that the historical knowledge of the project has been maintained by the integration of an experienced team with the existing TUPE’d staff. As such, despite several changes of CEO and Commercial Managers at the Trust we have been able to provide a consistent approach, built upon a firm foundation of knowledge and understanding about the project, supported by our innovative approach to information and record keeping. One of the biggest challenges we face are difficult Trust representatives, yet through our professional approach we have been able to manage some very difficult client behaviour in a positive way assisting them in a very busy operating environment when cost consideration and time constraints are a major consideration for them. The Trust has recently been through a merger with a nearby foundation Trust and Pario assisted in their process on behalf of the SPV.
|Attendance at Trust/FM review meetings|
|Commercial dispute resolution|
|Management & Board reporting|
|Financial administration, including raising unitary invoices, processing sub-contractor payments and maintenance of accounting records|
|Loan administration, compliance & reporting|
|Financial model updates|
|Variation costing and financing support|
|Liaison with tax advisors and auditors|
|Insurance procurement and claims processing|
|Financial advice on contractual issues|
|Attendance at client meetings.|
|Negotiations with the client over implementation of the project agreement and impact of variations to output specification;|
|Discussion with the commissioning client regarding robust project implementation;|
|Recovery of the cost of variations in order to maintain project returns and IRR;|
|Management of sub-contractors to deliver in accordance with relevant agreements;|
|Subcontractor negotiations on variations;|
|Negotiations with sub-contractors over variations and commercial disputes;|
|Endeavour to obtain best value insurance premiums, either through negotiation or obtaining competitor broker quotes; and|
|Efficient financial management to minimize projects costs|
|Preparation of documentation: We prepare the agenda, meeting pack and any additional materials to ensure that each Director is fully briefed and therefore can engage in the discussion and reach informed decisions during the meeting.|
|Decisions and deliverables: After each meeting we accurately complete the meeting minutes, detail any action points and their owners and distribute to all parties in a timely manner.|
We maintain the following statutory registers:
|Secretaries||Directors’ interests in the company|
In addition to this we also maintain:
|Statutory books||Complete and file annual returns|
|Complete all other general corporate administrative duties|
We provide advice on corporate governance when required. This includes advising the Board of Directors of the provisions of the Shareholder Agreement and Articles of Association.
We also ensure the directors are alerted when any legal regulation requires the consideration of the board and if any actions are necessary. For example, changes to the Health and Safety laws, Bribery and Anti-Corruption Policy.
We help guide the nominated Director in Health and Safety matters by ensuring it is given the proper regard; all actions are recorded and minuted; that obligations passed through to the subcontractors are appropriately discharged; and where required, give specific and accurate advice.
We also assist in the compilation of a bespoke Health and Safety policy and discharge periodic audits of the subcontractor’s Health and Safety arrangements to ensure the obligations are appropriately discharged.
We ensure that the FM provider plans all lifecycle work adequately such that the project gets value for money. Furthermore, all works are monitored to ensure that it is being undertaken to the highest standard and quality.
We also ensure that there are formal processes in place to accept and sign off any lifecycle works.
We manage all variations to ensure that they are cost effective, fall within the scope of variations as detailed in the Project Agreement (PA) and any future impact to lifecycle is taken into account and increased costs are appropriately applied.