PFI New Hospital in Norwich
Date : 12 January 1998
The Norfolk & Norwich Health Care NHS Trust today signed a contract with Octagon Healthcare Limited for the provision of a new acute 809 bed, approximately £220m hospital under the Government's Private Finance Initiative Scheme. Under the terms of the contract the new hospital will be provided as a serviced facility for up to sixty years.
Serco Investments Limited, a wholly owned subsidiary of Serco, will invest £1.6m for a 5% share of the Octagon consortium. The other shareholders are John Laing Investments Limited and three institutional investors.
Serco Systems Limited, another wholly owned subsidiary of Serco, will sub-contract to Octagon for the provision of the services for the first thirty years of operation, starting from commissioning of the hospital in four years time. The sub-contract will have an annual value of approximately £10m..
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