partnership project. This is the seventh local authority PFI scheme which has been completed by the firm during the last 18 months and the second using the new procedures announced by the government in November 1997.
Islington LBC has out sourced its street cleansing, refuse collection
and vehicle maintenance to a new joint venture company (Islington
The PFI has enabled the council to provide new vehicles and a
refurbished depot, which it could not fund through conventional
financing. The company will have its head office and deliver services
from the council's Albany Place Depot bringing economic development
benefits to the borough.
Stephen Cirell, head of the public sector unit at Eversheds, says: 'Yet again we see the PFI being used in local government to provide
infrastructure which the council could not afford from its own
resources. This should be a positive step towards enabling the council
to provide 'best value' to the people of Islington'.
Islington LBC has sought to enter into a true public/private
partnership, retaining a long term interest in the company which is
providing the services but harnessing the private sector's contribution to the finance of new vehicles and equipment.