RM BSF Ealing deal cut to fraction of inital size

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. Under the scaled back deal that was worth £39m last s

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.

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.

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