Education supplier RM has banked a £5m BSF contract with the London Borough of Ealing, which is nearly one tenth of the valuation back in April before the Department for Education effectively collapsed the schools regeneration scheme.
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Under the scaled back deal that was worth £39m last spring, RM will provide systems and services as part of the Balfour Beatty Education Consortium for just two secondary sample schools.
Terry Sweeney, RM chief executive, said; "I'm pleased that we are continuing to bring the remaining 'preferred bidder' BSF projects to financial close."
Less than a month ago RM confirmed that a £4.5m BSF contract with Barking and Dagenham was given the green light but was way below the £44m that it was initially valued at in the summer.