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UK Business
Overview
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The Catalyst business was founded by Bovis and the Bank of Scotland in the 1990s to bid for projects in Britain’s fast developing Private Finance Initiative (PFI) and Public Private Partnership (PPP) markets, a government backed programme that encourages private sector businesses to fund, build and manage public sector assets.
Separate consortia are formed for each PFI bid, with Bovis Lend Lease providing the construction expertise and a financial institution, usually the Bank of Scotland, acting as investment partner. Many projects, particularly in healthcare, also involve a soft facilities management provider and another group company, Vita Lend Lease, maintains the completed buildings.
In 2005 Catalyst Lend Lease was founded to oversee the development of the business, manage future bids and oversee the asset management of Lend Lease’s PFI and PPP investments in the UK. In 2006, Catalyst Investment Holdings Ltd was formed by Bovis Lend Lease Holdings Ltd and the Bank of Scotland to hold and manage the two businesses’ equity investments in 11 PFI projects.
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