Go to Top FOR FURTHER INFORMATION ON THE COVID-19 VIRUS, PLEASE SEE WWW.SACORONAVIRUS.CO.ZA . If you value what this story gives you, please consider supporting the Eastern Daily Press. The PFI unitary charge includes payments to cover the cost of capital expenditure, the services needed to run and repair that asset and, in certain circumstances, supporting soft services.
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0000007898 00000 n Your browser will redirect to your requested content shortly. That figure is barely decreasing each year.
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The third shareholder, Semperian PPP Investment Partners, has also invested in hospitals, schools and roads across the UK through PFI deals.
Innisfree Ltd is a fund management company based in the United Kingdom which manages substantial interests in private finance initiative (PFI) schemes in the UK, Canada, Sweden and Holland. 0000048893 00000 n The three shareholders are called Innisfree (which owns 36.84pc), 3i Infrastructure Seeds Assets Ltd (which also holds 36.84pc) and Semperian (which owns 26.32pc). It invests funds in social infrastructure projects, such as hospitals and schools, on behalf of institutional investors such as local authority pension funds.
12823 Medical Scheme Council no: ORG 1449. This process is automatic. 0000045626 00000 n
0000001791 00000 n 344 0 obj << /Linearized 1 /O 348 /H [ 1791 2080 ] /L 740860 /E 135610 /N 31 /T 733861 >> endobj xref 344 48 0000000016 00000 n Sir John also reported that the Trust has received the benefits of a new hospital earlier than many other communities and avoided the high rate of recent construction cost inflation. There are currently 4 active directors and 1 active secretary according to the latest confirmation statement submitted on 6th December 2019. ", "Protest against A&E closures at NHS PFI Company Innisfree in London", "Skanska/Innisfree consortium wins bid to redevelop Barts", "Multinational firm Skanksa sells its stake in the PFI company behind University Hospital, Coventry", "St Helens and Knowsley PFI Hospitals Project", "Skanska Innisfree wins £265m health PFI", "Moody's changes Healthcare Support (Newcastle) Finance plc's outlook to developing from positive", "Defence Infrastructure Organisation: Project Allenby Connaught", https://en.wikipedia.org/w/index.php?title=Innisfree_Ltd&oldid=983545417, Investment companies of the United Kingdom, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 October 2020, at 20:58.
0000021098 00000 n It is classified as Non-govt company and is registered at Registrar of Companies, Kolkata. 2 The IRR to shareholders is the standard measure which the public sector has used to compare the returns expected by shareholders of consortia bidding for PFI contracts. This newspaper has been a central part of community life for many years.
In 2006, the Public Accounts Committee released report into the PFI refinancing conducted by the private Octagon Healthcare consortium, of which Innisfree Ltd owns a quarter, involved in building the Norfolk and Norwich University Hospital of "lining investors' pockets" and putting the … Sector(s): Health and social care, Private Finance, “I have decided to produce a report for Parliament as the issues raised by this case have wider interest in considering how the pricing of PFI deals may change over time. The NAO recommends that the Department should carry out further analysis to identify how the pricing of all elements of PFI deals has changed over time – taking account of changes to the deals being entered into, general economic factors and other factors specific to the PFI market such as whether the private sector is delivering cost efficiencies from their increasing experience of delivering PFI projects.
0000017801 00000 n The company is the largest external investor in NHS hospitals. Octagon shared, however, approximately 30 per cent (£34 million) of its total refinancing gain with the Trust.
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To send a link to this page you must be logged in. Email tom.bristow@archant.co.uk or call 01603 772834. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]-(!![]))+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])-[])+(+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]-(!! He also wrote to Octagon asking them to sacrifice part of their profit for the benefit of the NHS. It is classified as Non-govt company and is registered at Registrar of Companies, Kolkata. The vast majority is spent on paying interest on its loan from Octagon - around £17.6m this year - and paying Octagon to service and maintain the site, around £22m this year. It was £25m in the red last year, was placed into financial special measures and had to find £22m of savings. 0000037078 00000 n And it turned over £48m in 2016 - up from the previous years, as the busier the hospital gets, the more money Octagon is paid. Sir John Bourn, head of the NAO, today reported that, following improvements in PFI financing terms, the Norfolk and Norwich University Hospital NHS Trust has shared in the gains from a refinancing of its early PFI hospital contract, but it continues to pay a premium in respect of the financing costs compared to current deals. The role of equity providers such as Innisfree in PFI projects is to ensure the delivery of public services infrastructure to a standard as set out by the public sector with financial penalties for non-performance. Octagon contracts this work to Serco, leaving it in the bizarre position of making multi-million-pound profits but not having a single employee.
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Innisfree Ltd is a fund management company based in the United Kingdom which manages substantial interests in private finance initiative (PFI) schemes in the UK, Canada, Sweden and Holland. The Department has demonstrated that, if today’s financing rates were applied to Octagon’s original financing, then the additional building costs arising from construction cost inflation probably offset the benefit of the lower financing costs which are now available, assuming no other savings are priced into a current bid.
[12] Aspire Defence Limited is 37.5% owned by "funds managed by Innisfree"; the other shareholders are InfraRed Capital Partners (17.5%) and KBR (45%).
0000011639 00000 n He again urged Octagon to “voluntarily forego” part of its profit to help the hospital and urged the government to look at renegotiating the contract.
If a project is built using conventional procurement, these future costs for services are not automatically covered, monitored or disclosed. It shared £34m of this with the trust. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+[])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!!
The N&N has to pay Octagon millions of pounds every year for leasing the hospital at Colney.
The company has a portfolio of 56 projects with a capital value of over £18 billion. [3], In July 2011, Jesse Norman MP set up a campaign to obtain a rebate from PFI providers and Innisfree was one of the companies targeted.[4].
Octagon has previously ruled this out. Z�y��_/��uX������@������I�i�a�qj�~�ðx�l���Y����ƃ��o�@+�#����F�u`�y[q^�� �f�� 0000025854 00000 n 0000021067 00000 n The £115 million refinancing gain, based on the increased borrowings, was a reflection of the better financing terms Octagon were able to secure, not available in 1998 when the contract was entered into, as a result of: the maturing PFI market (there is more competition in the funding market and funders see PFI as less risky than in its early years); the successful delivery of the hospital and demonstration that the operational phase of the hospital is going to plan; and the general reduction in borrowing rates. PFI’s constitution and the NZX Main Board Listing Rules require that any person appointed as a Director by the Board must retire at the next Annual Meeting, but shall be eligible for election at that meeting.
[]))), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]-(!![]))+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!! Innisfree has made a fortune by investing in PFIs across the UK. The NAO found that the terms of the bank finance for the original deal appear competitive for a bank financed deal at that time. It shared £34m of this with the trust.
In 2003, Octagon refinanced the project in a climate of lower interest rates, making £115m from the refinancing. was making record profits and paying its tiny group of shareholders millions of pounds a year, Ambulance stations in Norfolk could be reduced from 15 to three as part of bid to share facilities, ‘We’re having to take beds out’: coronavirus surge hitting hospitals, Car dealership closes branch because of impact of Covid, Twenty-eight children and three staff sent home to isolate after primary school pupil tests positive, Another assist for City striker as Finland beat Idah and Ireland, 1,000 Bernard Matthews staff to be tested for coronavirus.
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