28 June 2010  Quayle Munro Limited is pleased to announce that it has advised the Taycare consortium on the successful financial close of the £95 million Tayside Mental Health Development PPP - a Public Private Partnership to provide mental health facilities in Perth (Murray Royal) and Angus (Stracathro).  The project will provide new facilities for inpatients, outpatients and day patients from across the region, together with a new medium secure care clinic which will take patients from the whole of the North of Scotland.  Construction work is due to start immediately following advanced preparation work.  Stracathro is scheduled to open in October 2011, and Murray Royal in May 2012.

The project is Scotland’s first non-education PPP procured under the new non profit distributing (NPD) model and with the sponsorship of the Scottish Futures Trust (SFT), an independent company established by the Scottish Government to deliver value for money across public infrastructure investment.   The Scottish Government are making an initial contribution of £20 million to the project.

The Morgan Sindall Investments and Robertson Capital Projects consortium, Taycare, were named as preferred bidder for the project to design, build, finance, operate and manage (“DBFOM”) the mental health facilities at hospitals at the Murray Royal site in Perth and Stracathro in Angus, in June 2009. 

Senior debt funding was provided by Barclays, The Co-operative Bank and RBS.

For further information:

Moray Watt, Quayle Munro Limited: 0131 222 2600

John Kiely/Gemma Froggatt, Smithfield PR: 020 7360 4900

Notes to Editors:

Quayle Munro (www.quaylemunro.com) is a leading independent corporate finance adviser established in 1983.  With 30 professionals in Edinburgh and London, Quayle Munro has advised on over 90 corporate finance transactions in the past five years with a total value in excess of £5 billion.  The Quayle Munro corporate finance advisory team in Edinburgh has been a leading adviser on PFI and social infrastructure projects since the inception of PFI in the 1990s and has a distinguished record of providing independent advice to both the private and public sectors on project realisation, strategic appraisals, service procurement and financing.