With many Private Finance Initiative (PFI) projects nearing expiry, your assets will need to be handed back to the public sector in good condition and to support the provision of services thereafter.
At Vercity, our project managers can help you plan and hand back your assets in the most effective way possible. Through open dialogue and collaboration with the public sector, we ensure you meet your contractual obligations, whilst planning for the post-concession future of the asset.
The earlier the better
The earlier we start planning for handback, the more optimised the process will be. Typical workstreams that will need to be addressed, include:
- Project Co strategy
- Public sector collaboration
- Survey procurement, information, data and records
- Planning, progress and works delivery
- Post-concession planning
- Financial and legal
Our six-step handback process
We have developed a six-stage methodology for managing a successful handback. The approach is designed to support the requirements of the public sector as they plan for the future.
In following our tried-and-tested process, you will feel reassured that we can manage the transition and guide your strategic thinking and inform your decision making.
From the beginning of the transition (and throughout), collaboration is key. In scoping what action is required throughout each stage, together we can identify and address any issues as efficiently as possible.
Preliminary focus will be on the legal workstream to fully understand the contractual requirements. We will then typically focus on the technical workstream, including surveys and the asset register, among many other matters.
Different projects have different contractual requirements. Where a survey is to be undertaken, the appointed surveyor should carry a duty of care to the Contracting Authority and the Project Company.
To ensure that all parties accept responsibility for the outcomes, we review the survey results and establish what needs to be delivered, how and by whom. Our technical and commercial skills will ensure this is planned in the most effective manner.
As contracts reach their expiry, we look at how to deliver what is needed to ensure a seamless transition. At this stage, the final handback plan will have been established and we will have identified responsibilities for delivering the remaining contractual and technical obligations.
The delivery, monitoring and sign-off of the asset will follow an agreed process, which Vercity will closely manage. The sign-off will run in parallel with all the necessary project information being finalised and prepared for transfer.
We work closely with investors, stakeholders and the public sector to ensure that the future of an asset is properly considered, advising and managing the required planning and procurement options.
It is important for all parties that the future of the built asset continues to be at the forefront of everyone’s mind. To deliver the future strategy effectively, it is essential to maintain a collaborative approach with all the project parties. Discussions may revolve around four typical post-expiry scenarios.
- In-house service delivery
- Procurement of new services
- Extension of existing services
- Investing and adapting
In many cases, a combination of options can provide the best outcome. At Vercity, we work closely with investors, stakeholders and the public sector to ensure that the future of an asset is properly considered, advising and managing the required planning and procurement options.