Anyone following the Highways PFI scheme for the Island will be interested to hear that the Isle of Wight council (IWC) have released the names of those planning to tender for the multi-million pound contract.
Three companies have entered the pre-qualification stage of the tendering process; Colas LTD, Vinci Concessions and Amey Ventures.
The three companies will now be put under the microscope, tasked with proving their credentials and capabilities to the PFI team.
Cllr Edward Giles, IW Council cabinet member for environment and transport, said: “We are delighted to have such a strong field showing interest in the project at this stage. All the companies are of international standing and have proven track records in successfully delivering major engineering schemes.”
How the PFI works
The entire Island’s roads, pavements, cycleways and CCTV will be improved under the scheme thanks to a government grant of £364 million.
As well as these items being maintained for the following 25 years, the scheme also covers improvements to on and off street parking, road signage, street furniture and lighting.
Each year for the next 25 years, the IWC will be committed to handing over their Highways budget (between £8-11m) to whichever company wins the bid.
Image: Jasmic under CC BY-ND 2.0
