Case Studies


Project Scope

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.


Project Details

Services Provided: Full SPV Management

Location: Barnet, Hertfordshire

Capital Value: £40m

Whole Life Value: £594m


Pario Bullet Royal Free London NHS Foundation Trust
Pario Bullet InfraRed
Pario Bullet NIB Capital Bank
Pario Bullet Bouygues E&S FM Ltd


Facilities Created:

Pario Bullet 210 beds   Pario Bullet 30 departments   Pario Bullet Restaurant


Challenges & Achievements

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. 


Our Scope

  • Technical Management

    • Relationship and public relationship management;
    • Management of issues within the contractual framework;
    • Project Execution Plans (PEP) outlining key dates and obligations;
    • Ensuing Planning, Building Control and utilities discharge consents are in place;
    • Performance monitoring, reporting and payment mechanism administration;
    • FM service audits; Directors health and safety training and audits;
    • Life cycle analysis and fund management;
    • Disaster recovery and contingency planning; and
    • Management of dispute resolution
  • Financial Management

    Pario Bullet Contract Compliance
    Pario Bullet Attendance at  Trust/FM review meetings
    Pario Bullet Commercial dispute resolution
    Pario Bullet Management & Board reporting
    Pario Bullet Statutory accounts
    Pario Bullet Financial administration, including raising unitary invoices, processing sub-contractor payments and maintenance of accounting records
    Pario Bullet VAT compliance
    Pario Bullet Loan administration, compliance & reporting
    Pario Bullet Financial model updates
    Pario Bullet Sub-debt administration
    Pario Bullet Variation costing and financing support
    Pario Bullet Liaison with tax advisors and auditors
    Pario Bullet Insurance procurement and claims processing
    Pario Bullet Financial advice on contractual issues
    Pario Bullet Refinancing support
    Pario Bullet Attendance at client meetings.
  • Commercial Management

    Pario Bullet Negotiations with the client over implementation of the project agreement and impact of variations to output specification;
    Pario Bullet Discussion with the commissioning client regarding robust project implementation;
    Pario Bullet Recovery of the cost of variations in order to maintain project returns and IRR;
    Pario Bullet Management of sub-contractors to deliver in accordance with relevant agreements;
    Pario Bullet Subcontractor negotiations on variations;
    Pario Bullet Negotiations with sub-contractors over variations and commercial disputes;
    Pario Bullet Endeavour to obtain best value insurance premiums, either through negotiation or obtaining competitor broker quotes; and
    Pario Bullet Efficient financial management to minimize projects costs
  • Company Secretarial


    Pario Bullet 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.
    Pario Bullet 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.

    Annual Compliance
    We maintain the following statutory registers:

    Pario Bullet Members   Pario Bullet Charges
    Pario Bullet Trustees   Pario Bullet Shares
    Pario Bullet Secretaries   Pario Bullet Directors’ interests in the company

    In addition to this we also maintain:

    Pario Bullet Statutory books   Pario Bullet Complete and file annual returns
    Pario Bullet 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.

  • Health & Safety Compliance

    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.

  • Lifecycle

    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.

  • Variation Management

    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.


Project Images