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Official procurement procedure
Lancashire Urban Development Fund Investment Management Services
Banking and investment services
Published value
Not published
Submission deadline Not published
Lots published1
Procurement Executive Summary
AI & Search Synopsis
Generated from official OCDS record
Tenderline Synopsis: Lancashire County Council: "Lancashire Urban Development Fund Investment Management Services". Published status: complete. Published value: Value not published. 1 published lot. Submission deadline not published. See the official notice for participation instructions.
| Contracting Authority | Lancashire County Council | Scope & Categories | Not published | Submission Window | complete No deadline published |
|---|---|---|---|---|---|
| Submission Gateway | Direct notice route | Legal Basis & Regime | Standard procurement | Estimated Value (exc. VAT) | Not published |
Bidder Intelligence · Authority Profile: Lancashire County Council
Market Analytics
Derived from OCDS awards & bid statistics
Published history for Lancashire County Council. These figures describe retained records, not a forecast of bids or a measure of buyer bias.
Average Price Reduction
Not availableInsufficient comparable data
Competition Density
10.3Bids / Report
Supplier ConcentrationNo estimate
Insufficient attributable awardsNo concentration estimate availablePayment Terms
Check noticePublished terms
Coverage: 327 active published awards; 321 bid reports (which may be per lot). Supplier values exclude multi-supplier awards, frameworks and DPS, and use GBP only. They are published award values, not payments. Price reduction compares single-lot, single-award, single-supplier GBP procedures with explicitly non-framework/non-DPS status; increases remain in the average. Unpublished data stays unknown. Awarded suppliers are winners, not all bidders.
Procedure terms
Contracting AuthorityLancashire County Council | Procedure methodNot published | Procurement categoryNot published |
Statuscomplete | Framework / DPSNot published | CompetitionNot published |
Above thresholdNot published | Legal basisNot published | Tender period startsNot published |
Clarification deadlineNot published | Electronic submissionNot published | Submission languagesNot published |
Published7 Sept 2021, 10:08 BST | Last source update7 Sept 2021, 10:08 BST | Recurring procurementNot published |
ClassificationBanking and investment services | ||
Delivery area | ||
OCIDocds-h6vhtk-02ddd4 | ||
What is being bought
The Lancashire Urban Development Fund (LUDF) will provide capital to fill finance gaps for private sector developers that aim to build workspace in Lancashire, operating on the basis of investing in developments to bring forward activity that the market would not otherwise invest in. It is intended that the LUDF will promote economic growth in Lancashire by providing a mechanism to bring forward fit-for-purpose industrial and commercial premises for SME's in Lancashire's priority growth sectors and help to unlock key strategic employment sites to support growth. This tender is for the establishment of a Contract for the provision of Investment Fund Management Services for the LUDF. As the LUDF is part-funded by ERDF grant funding all investments and Services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within the ITT, the Specification and the Contract Documentation.
What changed
From the official release history
- Status changed to complete
7 Sept 2021, 10:08 BST - Official notice release published
7 Sept 2021, 10:08 BST - Buyer information updated
7 Sept 2021, 10:08 BST
Lots and requirements (1)
Published by the contracting authority
- Lot 1 · #1Individual lot title not publishedStatus not publishedPublished valueNot publishedThis tender is for the establishment of a Contract for the provision of Fund Management Services (the Services as set out in the Specification) for the LUDF. The appointed Service Provider will be responsible for managing all the affairs of the fund including the making of investment decisions at all stages through to term, disposal or exit/realisation. The Contract will require the Service Provider to agree to the achievement of Key Performance Indicators (KPIs) related to the investment of the funds. As the LUDF is part-funded by ERDF grant funding all investments and Services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within this ITT, the Specification and the Contract documentation. The outcome of the tender process will be a single contract with one Service Provider. The Contract is for up to a 5 year term.Contract periodNot publishedEligibilityNot publishedOptions / renewalNot published
Timeline
- Procedure published
7 Sept 2021, 10:08 BST - Award active
Not published · Not published - Contract active
Signed 14 Dec 2020, 00:00 GMT · £1,649,500
Commercial outcome and competition
Awards Igloo Investment Management Limited Not published · Not published · active |
Contracts Lancashire Urban Development Fund Investment Management Services £1,649,500 · signed 14 Dec 2020, 00:00 GMT · active |
Bid statisticsNo aggregate bid statistics published |
Buyer and organisations in this procedure
Lancashire County Council
Contracting authority GB-FTS-1587Documents (0)
Official links; attachments are not copied
No linked documents are published
Related procedures (0)
No related procedures published
Planning and rationale
Planning budgetNot published |
No-engagement rationaleNot published |
Procedure rationaleLancashire County Council, as a contracting authority, intends to award a contract, as outlined in the previously published Contract Award Notice (2020-169017) to Igloo Investment Management Ltd for the Lancashire Urban Development Fund Investment Management Services.
Lancashire County Council has followed an Open procurement procedure. As part of the procurement process, a bid was received, evaluated and found suitable to award the contract to, in line with the published award criteria. All requirements of the regulations were followed as part of the procurement process.
Post award the advertised version of the Investment Management Agreement (IMA - draft contract) was amended to take into account bidder clarifications. Following this the IMA was further amended to cater for mechanical changes requested by the successful bidder to ensure the IMA fit the nature of the services to be delivered. It was deemed the required amendments were not material changes, were neutral to the procurement, did not affect any published award criteria and had no overall impact on the risk profile of the procurement. Alongside the IMA amendments, Lancashire County Council reserved the right to request a Parent Company Guarantee (PCG). Our financial assessment of the successful bidder was sufficient to provide confidence to proceed without the PCG however Lancashire County Council felt this would be useful to have in place as an additional benefit to the Council's risk profile. Some amendments were made to the PCG in comparison to the published version in order to ensure this is a robust PCG.
This purpose of this VEAT notice is to ensure transparency throughout the procurement process, ensuring compliance to the regulations.
Further information on the amendments made to the IMA and PCG (comparative to the advertised documents) can be requested by contacting contractscorporate@lancashire.gov.uk. |